The EURUSD continued its bearish momentum in 2014 , topped at the 1.3993 levels and bottomed at the 1.2097 levels . This development leaves the pair targeting 1.1000 levels , a halt is likely , but a cut would open 1.000 next , further down will pave the way towards the 0.8222 levels (2000 low ) .
On the upside , resistance comes at the 1.2745 levels ( 2014 low ) , sustained trading (monthly) closing basis would open main resistance at the 1.3993 levels where fall resumption is likely , however ; break of 1.3993 levels on a yearly closing basis will suggest that fall from 1.6038 levels ( 2008 high ) is over , If seen , focus will be on the 1.5144 levels ahead of the 1.6035 levels and possible higher !!!
In all , as long as 1.3993 resistance holds on a yearly closing basis , outlook in EURUSD remain on the downside – the upcoming 1 – 3 year(s) , break of the 1.3993 levels on a yearly closing basis should recapture the 1.5144 /1.6035 levels.
Note that losing the 1.2097 levels on a yearly closing basis , will turn 1.2097 from support to resistance level , If seen , strong pressure will be built on the 1.000/0.8220 levels…
How to trade EURUSD in 2015 ?!!
Trend Direction : Downward
Support & Resistance levels 2015
Time Frame : Weekly
1.3104 – Pivot level for 2015
1.3104 – Bullish breakout level.(Overbought).
1.2613 – Overbought level.
1.1538 – Oversold.
1.1085 – Bearish Breakout level (Oversold).
1.1085 – Trend Continuation level
Strategy 1 :
Recommendations: SHORT positions below 1.3104/1.2613 with 1.1538 & 1.1085 as next targets.
Alternative scenario:The upside breakout of 1.3104 will open 1.3500/1.3993 levels.
Recommendations: LONG positions above 1.1085 with 1.1800 & 1.2000 as next targets.
Alternative scenario:The downside breakout of 1.1085 will open 1.0762/1.0500 levels.
Description: With the key resistance 1.3104 intact , the pair is bearish , below 1.2613 the pair is very bearish , support comes at the 1.2000 levels where a cut will open 1.1500 levels ahead of the 1.1100 levels . On the upside , break of 1.2613 levels on a weekly closing basis will turn outlook neutral and open 1.3104 levels before the next fall , a clear break above the 1.3104 levels will reverse risk towards the 1.3500/1.3993 levels. On the downside , keep an eye on the 1.1500/1.1100 levels , buyers are likely to return to the market from this level.
1- Main resistance comes at the 1.3104 levels , If the pair holds above this level , 1.2613 should contain any downside move below 1.3104 and bring rebound towards 1.3500/1.3993 levels. If the pair holds above 1.3104 then breaks below 1.2613 on a weekly basis , sooner or later it would target 1.2000 and possible lower towards the 1.1500 levels.
2-Main support comes at 1.1085 levels , If the pair holds below this level on a weekly basis , 1.1538 should limit any upside move above 1.1085 and bring resumption towards 1.0762/1.0500 levels .If the pair holds below 1.1085 then breaks above 1.1538 , sooner or later It would target 1.2000/1.2613 levels and possible higher…