fxpulsation
Posts : 8759
Join date : 2012-01-25
 |  Subject: EUR/USD Daily Outlook  Thu Mar 14, 2013 9:22 am | |
| EUR/USD Daily Outlook Daily Pivots: (S1) 1.2901; (P) 1.2982 (R1) 1.3043; More.... EUR/USD dips again and break 1.2954 temporary low. Also, note that downside momentum is increasing as seen in 4 hours MACD. Intraday bias is back on the downside. Sustained trading below 1.3 psychological level will have larger bearish implication and should send EUR/USD to next key support level at 1.2661. Meanwhile, break of 1.3134 is needed to indicate short term bottoming. Otherwise, outlook will stay bearish even in case of recovery. In the bigger picture, current development mixed up the outlook in EUR/USD with major question on whether rebound from 1.2042 has completed at 1.3710. Note that as long as 1.2661 support holds, such rebound could still extend above 1.3710 to 1.4939/5143 resistance holds. However, break of 1.2661 will confirm completion of such rebound. And more importantly, the corrective three wave structure will then indicate that deeper medium term weakness would be seen for a new low below 1.2042.  | |
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