EURUSD Monthly Weekly and Daily Outlook for 2nd January, 2014 (THURSDAY)
Monthly Chart
- Trend is still bullish
- Descending Trend line (since march 2008) is near at around 1.3950 -
- Stochastic is overbought and diverging
- Last month's candle's body is strong and covers previous resistance area
On a Monthly, we could see that last month's candle body is covering the resistance area, and is looking to move up to test the 1.395 - 1.4 area which also is the descending trend line
Daily Chart
- Seems to me that it will be in a consolidation mode for few days where support is 1.370
- Trend is bullish however is in a critical area where the upside is limited until we break and close well above 1.380.
There is a supply and demand area at 1.370 yet to be tested after 27th dec huge spike. This area should provide a good scalp opportunity at the least, or will provide another push up above 1.38
Hourly Chart
- There is no clear direction from the last few hours, which was good opportunity to range play
- As from the Daily , i mentioned an area of supply and demand need to be tested (1.370)
- Trend line is ascending
Outlook Trade opportunity
We will wait for market to go to our demand level at around 1.370 and will open our long position. This could be a high probability scalp or it could fill a lot of buy orders and give the market a push higher#1- Buy at 1.370-1.37180 - profits at least 20 pips away
No comments:
Post a Comment