EURUSD Daily Outlook for 6th January, 2013 (MONDAY)
Daily Chart
- Bearish momentum is very strong from Friday, as we broke major support
- We expect the market to stall at the 1.349-1.35 level which is a strong support.
- Until then, any intraday trades should be taken short
Hourly Chart
4 hour chart shows a more clearer picture
- Strong bearish momentum , as market tries to test the 1.349-1.35 - psychological and confluence of fib levels
- I have a short trade targeting the closest area i have drawn on the chart, and tp2 the second.
Outlook Trade opportunity
Currently I have a short order targeting the First level. Any retest of support , should be a good opportunity to take a short order (See Red Arrows on H4 chart)- Please see Red and Blue Arrows for trade opportunity on the H4 CHart
