Last week the EUR/USD was very bullish early on and climbed straight away to 1.3308. I was expecting a pullback to 1.3100/1.3080 area before the 1.3300 target. Nevertheless price went straight to the 1.3308 on Wednesday and selling hard off this level forming a nice daily pin bar off major resistance. Of course I went into short mode selling any rally with my target area 1.3100/1.3080 as this will be the next area to look for buying signals. After the action last week the weekly candle printed a somewhat bearish candle which I believe could push price as low as 1.3000/1.2950 levels. Clearly we are moving lower to test support demand. I cannot predict which support level will be the golden one, but I will be watching closely at each stop. I will look to get long this market on a nice signal at any one of these levels. With price rising so quickly last week it gives me an even more bullish feel and I could see this market in the 1.340/1.3500 area over the next couple of weeks. We have a somewhat short week with the Christmas Holiday on Tuesday, but do not let this completely fool you. I have witnessed markets moving quickly during holiday trading. Congress has a lot on its plate and trust me investors are watching and will be on alert. Volatility could be unseasonably high throughout the end of this year. To me this is a great trading atmosphere and I will be in tune to everything. Merry Christmas If you are still reading this and I hope your holiday brings you great joy this season.
Saturday, December 22, 2012
EUR/USD Weekly Analysis for Dec. 24th – 28th.
Last week the EUR/USD was very bullish early on and climbed straight away to 1.3308. I was expecting a pullback to 1.3100/1.3080 area before the 1.3300 target. Nevertheless price went straight to the 1.3308 on Wednesday and selling hard off this level forming a nice daily pin bar off major resistance. Of course I went into short mode selling any rally with my target area 1.3100/1.3080 as this will be the next area to look for buying signals. After the action last week the weekly candle printed a somewhat bearish candle which I believe could push price as low as 1.3000/1.2950 levels. Clearly we are moving lower to test support demand. I cannot predict which support level will be the golden one, but I will be watching closely at each stop. I will look to get long this market on a nice signal at any one of these levels. With price rising so quickly last week it gives me an even more bullish feel and I could see this market in the 1.340/1.3500 area over the next couple of weeks. We have a somewhat short week with the Christmas Holiday on Tuesday, but do not let this completely fool you. I have witnessed markets moving quickly during holiday trading. Congress has a lot on its plate and trust me investors are watching and will be on alert. Volatility could be unseasonably high throughout the end of this year. To me this is a great trading atmosphere and I will be in tune to everything. Merry Christmas If you are still reading this and I hope your holiday brings you great joy this season.
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