EURUSD Daily Forecast Oct 16 2014


The EURUSD continued its bullish momentum yesterday , bottomed at the 1.2624 levels and topped at the 1.2837 levels .This development leaves the pair targeting the 1.3000 levels , a halt is strongly suggested , but a break would open 1.3125 next , further upside will aim the 1.3270 levels.

On the downside , support comes at the 1.2767 levels ahead of 1.2620 (main) , losing this level on a daily closing basis is needed to weaken the current bearish run , otherwise risk will remain to the upside .

In all , as long as support 1.2767/1.2620 holds in a daily closing basis , outlook in EURUSD remains on the upside towards the 1.3000 levels , below 1.2620 will reverse risk towards the 1.2500 before the next move .

Today , focus will be on US Initial Jobless Claims  at 12:30 GMT and  the high importance  US Philadelphia Fed Manufacturing Index (Oct) , it will be published at 14:00 GMT. Keep in mind , any positive data from US today is an opportunity to buy the pair on dips , while negative US data will accelerate the expected bullish move…


EURUSD Daily Forecast Oct 16 2014