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FOREX

EURUSD WEEK PLAN 11/05/2013

uup 11 maio 2013 EURUSD WEEK PLAN 11 05 2013EURUSD daily view 11 05 2013

When someone ask me about the future of EURUSD in medium/long term I can’t stay bearish, because if you see the 3rd graph,daily view, you can see that market never broke the 50 rsi level, that in my opinion represent in this moment the border of bullish/bearish market, however in short term, the UPP and 4 hour view/graph tell me that for now bears have the major force, I say this because:

1º: about UUP, unfortunately, it reacted well in support at 22.15, and making a equal low to previous low.So it was a clue that dollar are strong and it could make a double bottom if it close above 22.7.

2º: EURUSD 4 hour graph shows us that last Friday was bad for bulls because market broke an important support and also rsi level 50, closing under of this two points.

Then, my strategy will be short at previous support at 1.30440 and close a half position at 1.29890 and consequently, move stop loss to my entry point. If the market stop me out,I reverse my position and close second target at 1.31201, if market break and close under 1.29890-1.29765 I have my second target at 1.28815.

This article doesn´t excuse a reading of a discloser.

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