forex trading outlook today- EUR/USD trading strategy november 16 2012 : As the single currency has rebounded after intra-day initial retreat, another test of said resistance at 1.2779 cannot be ruled out, above there would bring retracement of recent decline to 1.2791-00 (previous resistance and 38.2% Fibonacci retracement of 1.3021-1.2662) but price should falter below 1.2842 (50% Fibonacci retracement, bring another decline.
Below intra-day support at 1.2718 would bring weakness to the Ichimoku cloud (now at 1.2700-08), break there would bring a retest of 1.2662 but loss of momentum should prevent sharp fall below 1.2650-55 (50% Fibonacci retracement of 1.2134-1.3172) and reckon 1.2615-20 (100% projection of 1.3021-1.2764 measuring from 1.2876) would contain downside, bring a strong rebound later.
Below intra-day support at 1.2718 would bring weakness to the Ichimoku cloud (now at 1.2700-08), break there would bring a retest of 1.2662 but loss of momentum should prevent sharp fall below 1.2650-55 (50% Fibonacci retracement of 1.2134-1.3172) and reckon 1.2615-20 (100% projection of 1.3021-1.2764 measuring from 1.2876) would contain downside, bring a strong rebound later.
In view of this, whilst we are still looking to buy euro on next decline, we would also sell on subsequent rebound. Below 1.2600 would risk weakness to 1.2570-75 but still expect 1.2550 to hold.
Forex trading strategy november 16 2012 :
Sell at 1.2825, Target: 1.2680, Stop: 1.2860
Buy at 1.2630, Target: 1.2730, Stop: 1.2595
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