EURUSD Daily Forecast Oct 23 2014


The EURUSD continued its bearish momentum yesterday , printed resistance at the 1.2740 levels .This development leaves the pair targeting the 1.2570 levels , a halt is likely , but losing the 1.2570 levels will turn focus on the 1.2485  levels , further downside will aim the 1.2389 levels.

On the upside , resistance comes at the 1.2740 levels , break of the 1.2740 levels on a daily closing basis , will turn outlook neutral towards the 1.2886 levels , If this resistance is taken out , focus will be on 1.2994 levels .

In all , as long as resistance 1.2740 holds on a daily closing basis , outlook in EURUSD remains on the downside towards the 1.2580 levels ahead of the 1.2485 levels , above the 1.2740 levels  will reverse risk towards the 1.2886 levels ahead of the 1.2994 levels.

Today focus will be on German Manufacturing PMI (Oct)  at 07:30 GMT and US Initial Jobless Claims at  12:30 GMT. Any positive data for EURUSD , should be taken as opportunity to short the pair at resistance levels while negative data for EURUSD is supposed to accelerate the expected bearish move ..

EURUSD Daily Forecast Oct 23 2014