EURUSD – Monthly Forecast Aug 2013

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EURO-Dollar-min

The EURUSD maintained a bullish momentum last month topped at 1.3343 , closed at 1.3294 levels above 1.3242 May 2013 high,the monthly close above 1.3242 levels is likely to have large bullish implication towards the 1.3710 levels – Feb 2013 high, stability above 1.3343 levels on a weekly closing basis may recapture 1.3710 with a breach, next resistance is at the 1.4250 levels  – Oct 2011 high, followed by 1.4940 May 2011 high.

On the downside, support is at 1.2744 levels – Apr 2013 low, losing this level on a monthly closing basis will reverse risks to the downside towards the 1.2000 levels.

In all, according to monthly %R Williams, the EURUSD will remain biased to the upside with risk towards 1.3710/1.4250  levels ahead of 1.4940 levels as long as 1.2745 holds on a monthly closing basis, stability below 1.2745 levels will reverse risks to the downside towards the psychological levels 1.2000…

MARKET DATA

UPCOMING ECONOMIC EVENTS

21 COMMENTS

  1. Note that 1.3415 doesn’t appear on the monthly chart so it’s a minor level, main resistance levels are 1.3710 ,1.4250 and 1.4940.

    On the downside minor support is at 1.3242 – May 2013 high , stability above this level – weekly – may expose 1.3415 and retest 1.3710 levels…

    Stability below 1.3242 would delay or decrease the bullish pressure !!

    Main support on monthly is at 1.2745 ahead of 1.2042…

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