EURUSD medium term outlook 14 Aug 2013

EURO-Dollar-min

As shown on the daily chart below, I see EURUSD bullish in medium-term outlook with risk towards the 1.3710 levels based on technical and fundamental perspective , support is at 1.3205 ahead of 1.3175 levels, as long as both levels hold on a daily closing basis, the pressure will remain strong towards the 1.3415 levels, a break above 1.3415 levels will target 1.3575/710 levels.

On the downside, losing 1.3205/13175 on a daily closing basis would delay the bullish move and flip bias back to the downside towards the 1.3040/1.3060 levels, next support is around 1.3000 ahead of 1.2900, main support comes at 1.2745 levels.

In all, we have strong demand zone in medium-term view at 1.2745/1.3060 levels, to reverse risks to the downside the pair needs to break and hold below the 1.2745 levels on a daily closing basis, otherwise the risk will remain strong to the upside even in case of a bearish correction.

Support and resistance levels upon technical and fundamental perspective :

1.2745 (main) , 1.2900, 1.3000 , 1.3060 , 1.3175 , 1.3205 , 1.3255 , 1.3415 , 1.3575 , 1.3710.

So far no major events have been seen yet on the bearish side, so bulls still dominate the market in medium-term outlook!

Conclusion: I’m 70% bullish, 30% bearish in medium-term outlook !!

MARKET DATA

UPCOMING ECONOMIC EVENTS