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EUR/USD: Technical Analysis for October 11, 2012

2012-10-11 13:49:55 (читать в оригинале)

Weekly Pivot Point: 1.2970

Time Frame: H1

  

Weekly Pivot Points:

R3: 1.3404
R2: 1.3238
R1: 1.3136
PP: 1.2970
S1: 1.2868
S2: 1.2702
S3: 1.2600

Trading Recommendations:

According to the previous events, the price is still located between 1.2813 and 1.2970.

• Buy deals are recommended above 1.2860 with the targets seen at 1.2910 and 1.2970 levels.
• Look for further downward movement below 1.3070 with the first targets seen at 1.2970 and 1.2850 levels.
  
  

Overview:

The EUR/USD pair has broken the resistance level and turned towards the support level near the two-week point of 1.2868. Therefore, the pair has already formed a strong support at 1.2868. Moreover, having failed to close below 1.2860 the pair started showing a bullish reaction at this level. It is necessary to mention that these levels coincide with strong levels for bulls on H1 chart; the pair has also formed a strong support at the level of 1.2868. The pair will move upwards, it is convincing; the structure of the upside movement does not look corrective and is indicating a bullish opportunity above 1.2860. This can be a good sign for buy deals above 1.2860 with the first target at 1.2900 initiating an uptrend in order to continue the bullish mood towards the point of 1.2935 and further to 1.2970. If the trend breaks the weekly support 1 (1.2860), then the pair will go upwards to these targets. However, it should also be noted that the price is still between 1.2813 and 1.2970, as the last strong resistance level (1.3070) is still able to begin a downtrend at this level. Thus, the market indicates a bearish opportunity at the level 1.3070 on H4 chart with the first target at 1.2970 and continues towards 1.2850.

Observation (s):

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• If the trend is ascending, then the strength of the currency will be defined as following: EUR is an uptrend and USD is a downtrend.
• Most of the traders use the Fibonacci retracement to determine accurately the psychological support and resistance levels.
• Stop Loss should NEVER exceed your maximum exposure amounts.
• The market has a high volatile as usual if the last day had a huge volatility.

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If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.

The material has been provided by Instaforex Company - instaforex.com