EURUSD – Daily Forecast 21 Aug 2013

EURO-Dollar-min

The EURUSD continued to maintain its bullish momentum yesterday, bottomed at the 1.3323 levels, and topped at the 1.3451 levels, now the pressure will be on the key resistance 1.3451 levels.

The EURUSD will have to hold above the 1.3451 levels on a daily closing basis to push the market for further upside gains, If seen, 1.3451 would serve as strong support, and 1.3451 is likely to build strong pressure on the 1.520 levels, sudden rise above 1.3451 is likely towards the 1.3620/820 levels.

Alternatively, a failure to hold above the 1.3451 levels on a daily closing basis could mean a return to the 1.3323 levels, a halt is suggested but losing 1.3323 levels would confirm short term topping and flip bias for retesting 1.3205/187 levels.

Conclusion: consolidation above the 1.3451 levels based on a daily closing basis, would bring a sudden rise towards the 1.3620/820 levels, while consolidation below the 1.3451 levels is likely to bring a slide towards 1.3300/200 levels…

 

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MARKET DATA

UPCOMING ECONOMIC EVENTS

1 COMMENT

  1. If the EURO mange to break above 1.3451 we would have 2 scenarios :
    1- It might fly immediately towards the 1.3620/820 levels.
    2- It will consolidate above 1.3451 for a coupe of days , then a strong and sudden rise towards the 1.3620/820 levels, 1.3485/520 will be used to trap traders !!!!!!!!!!

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