EURUSD – Daily Forecast 12 Sept 2013

EURO-Dollar-min

The EURUSD continued to maintain its bullish momentum yesterday , topped at the 1.3324 levels and bottomed at the 1.3243 levels.Now pressure will be on the key resistance 1.3324.

The EURUSD will have to hold above the 1.3324 levels on a daily closing basis to push the market for further upside gains,If seen ,It will target the 1.3410/451 levels where a breach will turn focus on the 1.3520 levels , a breach will look for the 1.3620 levels, further upside will aim the 1.3710 levels.

Alternatively, a failure to hold above the 1.3324 levels could mean a return to the 1.3243 levels, If seen , a halt is suggest , and the whole rise may resume from 1.3243, but a break below 1.3243 levels will bring consolidation and may retest 1.3104 levels before the next rise ; to completely reverse risks to the downside, the pair needs to clear 1.3104 levels on a daily closing basis.

In all , as long as 1.3104/1.3243 levels hold, the pair will remain biased to the upside with risk towards the 1.3451 levels and beyond .

Support and resistance levels: 1.2745 , 1.2922 (main) , 1.2992 , 1.3066, 1.3104 (main) , 1.3243 , 1.3324 (main) , 1.3451 , 1.3520 , 1.3620 , 1.3710

 

(Trend strength – daily chart ) 

  • Very Bullish ; above 1.3324
  • Bullish: above 1.3243
  • Neutral : below 1.3243
  • Bearish : below 1.3104

 

Note that the pair needs to clear 1.3324 on a daily closing basis to attack 1.3451 levels and avoid topping around 1.3324 levels…

Clear : 1 or 2 daily close

 

MARKET DATA

UPCOMING ECONOMIC EVENTS

1 COMMENT

  1. Market Updates :
    By the way , the market may shift to a new trading zone these days, a weekly close above the 1.3315 levels is an early sign for the 1.4000 levels……..keep that in mind…

    GBPUSD: a weekly close above the 1.5844 levels is an early sign for the 1.6400 levels and beyond…

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