EURUSD Mid-Day Forecast Oct 22 2014


Intraday outlook in EURUSD remains on the downside as long as resistance 1.2715/1.2760 holds on a 4 hour closing basis  , support comes at the 1.2637 levels , sustained trading on a 4 hour basis below this level will open the psycho level 1.2500, below 1.2500 will extend fall from the 1.2886 levels towards the 1.2389 levels.

On the upside , a failure to hold below the 1.2637 levels on a 4 hour closing basis could mean a return to the 1.2715 levels ahead of the 1.2760 levels , a halt is strongly suggested , but If 1.2760 is taken out , focus will be on the 1.2840/1.2886 levels .

In all , the EURUSD is likely to consolidate within 1.2637/1.2760 range with risk to break lower , a clear break below 1.2737 and the rising support of the triangle pattern will pave the way towards the 1.2500 levels , while above the 1.2760 levels will recapture the 1.2840/1.2886 levels.

Tomorrow focus will be on the high importance  German Manufacturing PMI (Oct)  at 07:30 GMT and US Initial Jobless Claims at  12:30 GMT.


EURUSD Mid-Day Forecast Oct 22 2014