EURUSD Intraday Forecast Oct 24 2014

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Intraday outlook in EURUSD has turned neutral with risk to the downside , resistance comes at the 1.2666 levels . a failure to hold above the 1.2666 levels on a 4 hour closing basis , could mean a return to the 1.2613 levels , a cut will open the 1.2570 levels , further losses will aim the 1.2500 levels.

On the upside , resistance comes at the 1.2666 levels , break of the 1.2666 levels on a 4  hour closing basis will put the pair in recovery mode , but recovery above the 1.2666 should be limited by the 1.2740/1.2760 levels .

In all , as long as resistance 1.2666 holds on a 4 hour closing basis , Intraday outlook in EURUSD remains on the downside towards the 1.2613/1.2570 levels ahead of the 1.2500 levels , above the 1.2666 levels faces a recovery risk….

Note that 1.2637 has not broken yet , losing this level on a 4 hour closing basis will accelerate the expected bearish move , while stability above this level could bring rebound before the next fall….

Today focus will be on German Gfk Consumer Confidence Survey (Sep) at 06:00 GMT and US New Home Sales (Sep)  at 14:00 GMT…

 

EURUSD Intraday Forecast Oct 24 2014

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