Thursday, January 2, 2014

EURUSD Monthly Weekly and Daily Outlook for 2nd January, 2014 (THURSDAY)

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

Risk Level Low


Tips -

Always take note of any economical news event on our provided calender below



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