Forecast
Mourad El Keddani
Pivot Point: 1.3791.
Time Frame: H4
Overview:
The EURUSD's resistance has broken and it was turned to support a week ago (12nd of September 2011), therefore the pair has already formed a strong resistance at 1.3683. Moreover, after it could close above 38.2% Fibonacci retracement levels and start signing for bullish market, It should also be note that the price has still been trapped between 50% Fibonacci Retracement levels and 38.2%. Aswell the RSI and the Moving Average (200) are still calling for uptrend at this level. So the market indicates a bullish opportunity on level of 1.3683 on H4 chart with a first target of 1.3785 (Pivot point), and continue towards 1.3915However, in case of reversal takes place and the EUR/USD breaks through the support level of 0.3670 then the market will lead to futher decline to 1.3481 (23.6% Fibonacci retracement levels on H4 chart).
Trading Recommendations:
According to previous events, the price has still been trapped between 1.3680 and 1.3900.
- Buy above 1.3683 with target at 1.3785 then 1.3915.
- Below 1.3660 look for further downside with a target of 1.3500.
Technical Levels:
R3:1.4048
R2:1.3980
R1:1.3859
PP:1.3791
S1:1.3670
S2:1.3602
S3:1.3481
Observation (s):
Please check out the market volatility before investing, because the sight price may have already been reached and scenarios become invalidate.
Buyers are BIDding at a lower price.
Sellers are ASking for a high price.
Legend:
Moving Average has an azure color on chart.
Period: 200.
http://instaforex.com/forex_analysis/41691/?x=OUE
No comments:
Post a Comment