EURUSD Daily Outlook for 6th January, 2013 (MONDAY)

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

Risk Level LOW

Tips -

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

USDJPY Daily and Weekly Outlook for 6th January, 2014 (MONDAY)

USDJPY Daily and Weekly Outlook for 6th January, 2014 (MONDAY)

Daily Chart

• After rejecting from the 161.8 fib extension market tried to retrace however failed to go any futher and performed a nice pin bar on Friday 
• Signs are showing bullish (Price action)
• Indicators... stochastic are pushing south, but they are lagging, RSI just under 70

I have my eyes on the 106.100 area and will be very very happy to short it there as there are major fib extension levels of confluence.

Hourly Chart

• After a huge drop , we have found support at 104.1 level and saw price had quickly retraced 100% of the 2nd Leg (C-D)
• At close of Friday, price had stalled just below a resistance level , however candles prior to that are very strong bullish momentum
• Chances of breaking higher / breaking resistance is high

Outlook Trade opportunity

Three setups -

#1 - If price had not break the resistance, I will look for opportunity to buy long at around 104.650 with stops at the 104.450 - Targets at 104.830 tp1, and 105.110 tp2

#2 - If market breaks through resistance with good conviction and past 104.940 , I will look for opportunity to buy long at a retrace approx 104.915 and stops 104.746 with targets 105.110 and beyond

#3 - I have my eyes on the 106.100 area and will be very very happy to short it there as there are major fib extension levels of confluence.

Risk Level Low

Tips -

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