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EURUSD11 May 2013.
Weekly Bias: Down Weekly Trend: down
Comments:
The weekly timeframe has almost formulated the head and shoulders pattern bouncing from the 50% fib retracement from the move down. Also Last candle has now broken the ST up trending sup line. Making way to finish the H&S pattern.
Weekly Chart:
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EURUSD 11 May 2013
Daily Trend: ranging/ down Daily Bias: Short
Comments:
On the daily frame you can see the trending up support has been broken cancelling all bullish momentum after a consolidation dropping rapidly to find support at the ranging low of around 1.29704 level as expected. A short bias with an initial target of the H&S neckline, of around 1.27501. A possible retrace may still occur but I have it limited at around the 1.3051 level if it makes it. The stochastic suggests a some retracement.
Chart:
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EURUSD 11 May 2013
4hrly Trend: Down 4 Hrly Bias: Short
Comments:
On the 4 hourly we can see clearly the mid term support break at 1.3051 along with the trend line break. Support has been found at confluent level and previous range low of 1.29704 area with a bit of buying coming in. A break of this level will see the target as mentioned at the neckline. A possible retracement to test the broken 1.30510 level may occure.
Chart:
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EURUSD 11 May 2013
1hr Trend: Down 1hr Bias: Short
Comments:
There are a couple of short term shorting opportunities and situations that may occur weakness at the current level is possible with short term resistance, 1.30100 could present an opp and also the 1.3051 level upon a deeper retracement which is a stronger mid term resistance level with thought to be tested.
Chart:
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EURUSD 11 May 2013
Trading chart!
15 min Trend: down 15 Min Bias: Short
Comments:
Shorting on a rally is my bias as all timeframes have been pointing to the down side. The 2 Key areas for this opportunity were spoken about in the hourly timeframe. But belief of a test of the mid term broken line at 1.3051 is my preference.
Trade:
Short just below at 1.30462
Stop 20 points and initial Pt 60 points with a LT target of the neck line at 1.27600 (200 odd points) good risk:reward ratio, looking at this for a longer term trade if price action reacts as expected.
Chart:
