EURUSD Daily Forecast Dec 17 2014

Outlook in EURUSD remains on the upside as long as support 1.2485 holds on a daily closing basis , resistance comes at the 1.2570 levels , a break would open 1.2630 next , a halt is likely but a breach will pave the way towards the 1.2725/1.2770 levels.

On the downside , a failure to hold gains above the 1.2570 levels could mean a return to the 1.2485 levels , a halt is in sight , but losing the 1.2485 levels on a daily closing basis should weaken the current bullish run and open 1.2433/1.2415 levels . However ; losing the 1.2415 levels on a daily closing basis will terminate the last bullish run and bring free fall towards the 1.2246 levels …

In all , as long as 1.2485 support holds on a daily closing basis , outlook in EURUSD remains on the upside towards the 1.2550/1.2630 levels , below 1.2485 levels will bring pullback towards the 1.2433/1.2415 levels before the next possible rise…

Intraday : The pair is neutral with risk to the upside as long as 1.2440/1.2415 support holds on a 4 hour closing basis , resistance comes at the 1.2520 levels , break of 1.2520 on a 4 closing basis will open 1.2570/1.2630 levels.

Note : On the weekly time frame , overbought zone is above 1.2495 levels , so a sell-off could be seen from that point , a rejection from this level followed by a daily closing below 1.2415 levels should bring a lower leg below  1.2446 levels  . but in return , stability above the 1.2495 levels followed by a daily closing above the 1.2630 levels , is and early sign for further gains towards the 1.2770/1.2886 levels.

 

EURUSD Daily Forecast Dec 17 2014_h4
EURUSD Daily Forecast Dec 17 2014

 

MARKET DATA

UPCOMING ECONOMIC EVENTS