EURUSD Daily Forecast May 09 2014

EURO-Dollar-min

The EURUSD maintained a bearish momentum yesterday , topped at the 1.3993 levels and bottomed at the 1.3832 levels . Outlook in EURUSD has turned neutral at the moment for retesting 1.3773 levels.

On the downside , the EURUSD will have to hold below the 1.3832 levels on a daily closing basis to open main support at the 1.3773 levels , a halt is likely , or we we might see a lower leg below the 1.3773 levels before returning to the upside in the same day , however , losing the 1.3773 levels on a daily closing basis will signal short term topping , If seen , the pair will extend losses towards the  1.3736 levels , further downside will aim the 1.3672 levels.

On the upside , a failure to hold below the 1.3832 levels on a daily closing basis , could mean a return to the 1.3870 levels where a breach will turn focus on the 1.3910 levels , further upside will aim the 1.3993 levels. To resume the upside offensive ; 1.3993 should be taken out on a daily basis , If seen , the pair will target the 1.4035 levels ahead of the 1.4085 levels.

In all , the EURUSD is likely to consolidate within 1.3735/1.3993 rage before the next move , sustained trading below 1.3735 would open 1.3471 next , while break of 1.3993 will turn focus on the 1.4200 levels.

Note that I’d expect strong support from the 1.3736 levels to contain fall from 1.3993 levels and bring rally resumption above the 1.3993 levels…sustained trading below the 1.3736 will suggest that large bearish move is on the way towards the 1.3471 levels…

 

Update : sell after rejection from 1.3870, 1.3910 or 1.3993 levels and buy after rejection from 1.3832 , 1.3773 or 1.3736 levels …

 

EURUSD Daily Forecast May 09 2014

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