fxpulsation
Posts : 8759
Join date : 2012-01-25
 |  Subject: EUR/USD Daily Outlook  Fri Mar 15, 2013 11:23 am | |
| EUR/USD Daily Outlook Daily Pivots: (S1) 1.2932; (P) 1.2982 (R1) 1.3053; More.... EUR/USD lost some downside momentum again and recovered. Though, with 1.3134 minor resistance intact, deeper decline is still expected. 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. Though, break of 1.3134 will indicate that choppy fall from 1.3710 has possibly completed and will turn bias back to the upside for 55 days EMA (now at 1.3178) first. 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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