EURUSD – Daily Forecast 30 Aug 2013

EURO-Dollar-min

The EURUSD maintained a bearish momentum yesterday, topped at the 1.3342 levels and bottomed at the 1.3218 levels, now the pressure will be on the 1.3218 levels.

The EURUSD will have to hold below the 1.3218 levels on a daily closing basis to push the market for further downside losses,If seen It will target the 1.3165 levels where a breach will turn focus on the 1.3066 levels, at this point I’d expect a strong support from the 1.3066 levels to contain fall from 1.3451 levels and bring reversal to the upside, If 1.3066 fails, expect the pair to weaken further towards the 1.2992 ahead of the 1.2922 levels.

Alternatively, a  failure to hold below the 1.3218 levels on a daily closing basis could mean a return to the 1.3342 levels, If seen a halt is suggested but  a breach will turn the focus on the 1.3415/451 levels, another halt is suggested but further upside will have large bullish implication towards the 1.3520  levels ahead of the 1.3620, above 1.3620 will aim the 13710 levels.

In All, as long as the 1.3451/1.3342 levels hold on a daily closing basis, the pair will remain biased to the downside with risk towards the 1.3165 levels ahead of the 1.3066 levels, break of 1.3342/451 levels will reverse risks to the upside towards the 1.3620/710 levels.

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