EURUSD Daily Outlook for 13th December, 2013 (Friday)
Daily Chart
"Ending the day lower but still in range of last two days"
- Ending the day lower with a bigger rejection from the .38 handle.
- Stochs is extremely overbought
- RSI divergence (from oct high to our recent similar high)
Hourly Chart
"Our Bearish Bat identified yesterday on our 4H chart is seeing some results"
We tried to penetrate the 1.38 handle again, and failed to stay above, forming a double top in two days, together with a Bearish Bat identified and the drop yesterday was good confirmation factors. However, we are not confirmed that the bat is in play yet until we break the 1.370. If we manage to get down there, there is a possible pattern (Bullish Crab Pattern) , which we are forming the C-D leg now
- Possible still for both ways (long / short)
- Larger time frame (4h) we might be in the bearish bat, however a possibility of a bearish butterfly is still possible (where we go higher from 1.38)
- Therefore, if a possibility of a butterfly to form, there is a upcoming Bullish crab forming in the H1 charts to try to penetrate the 1.38 level with a clearer break.
Outlook Trade opportunity
Our short term price targets is around the 1.370 -71 handle, so we will go short from 1.37675 pull back, and try to ride it down to the 1.370-71#1 - Short from 1.37675 - TP1 at yesterdays low, then TP2 at projected forecast with stops BE
#2 - Long from 1.370-71 - TP1 20pips, then TP2, 35pips, TP3 - possible ride to .38 +
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