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Iā€™m a swing trader of momentum stocks with a holding period of anywhere from a few hours to a few months. I run a number of screens to locate the strongest/weakest stocks out there, using technical analysis to determine my entries and exits. Trying to calculate the intrinsic value of stocks in... More
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  • EUR/USD: March 24-29 ā€“ Weekly Forecast 0 comments
    Mar 23, 2013 11:57 PM

    By Mike Ber - ForexAlerts.ca

    EUR/USD - 1.2982

    Bias: Bearish - Neutral

    (click to enlarge)

    EUR/USD - Daily Chart

    Levels:

    Upside

    1.32651

    Range

    1.2838 - 1.3116

    Downside

    1.27091

    Commentary:

    The unresolved situation in Cyprus will weigh on the markets. Any delay by lawmakers to approve the measures to secure bailout funds will be a big disappointment for the markets next week.

    Failure to reach an agreement would mean that stocks in US will open sharply lower on Monday, but Forex traders will be the first to see market's reaction on Sunday.

    EUR/USD is trading within the 1.2838 - 1.3116 range.

    In the medium term the pair is continuing to trade in a bearish fashion. No changes in our outlook. The pair is channeling between the resistance and support.

    We mentioned in our previous reports that EUR/USD was very resilient, and could brush off all the pressure associated with financial instability in Cyprus. We are not sure that another weekend of uncertainty could prevent the slide of EUR/USD at Sunday's open if no agreements reached.

    If our first downside target - 1.2838 will be broken, the next level of support will be 1.27091.

    On the other hand any successful resolution, will lead to a rally and will propel EUR/USD to at least 1.3116 area of resistance. Our next upside target is 1.32651.

    We believe that 1.32651 will represent a good opportunity to initiate short positions.

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