EURUSD – Daily Forecast 25 Jul 2013


The EURUSD maintained some bearish momentum yesterday, topped at 1.3255 and bottomed at 1.3175, now pressure is on the key support 1.3175, the EURUSD will have to hold below the 1.3175 levels on a daily closing basis to push the market for further downside losses, If seen it will target the 1.3082 levels where a breach will turn focus on the 1.2992 levels.

Alternatively, a failure to hold, below the 1.3175 levels could mean a return to the 1.3255 levels, break of 1.3255 will extend gains towards towards1.3330/410 levels.

Considerations :

1- The first assumed target of the last bullish move from 1.2755-1.3206 has not been achieved yet, it’s around 1.3330 levels, so there’s a room for more upside moves…

2-Main support is at 1.2922 levels, this level is likely to contain any bearish move and bring strong rebound to the upside beyond 1.3255 levels, a daily close below 1.2922 will flip bias back to the downside for retesting 1.2755 levels.

3- Main resistance is at 1.3415 levels, break of this level will pave the way for retesting 1.3710, even it may expose 1.3710 levels…

Support and resistance levels: 1.2755,1.2922,1.2992,1.3082,1.3175,1.3255,1.3415,1.3577,1.3710





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