EURUSD – Monthly Forecast Dec 2013

EURO-Dollar-min

Recommendations: LONG positions above 1.3400 with 1.3770 & 1.3950 as next target.
Alternative scenario:The downside breakout of 1.3400 will call for a slide to 1.3220/104.
Description:Last month, the pair failed to hold below 1.3472 ( Oct Low) , this scenario suggests possible rebound to the upside, break of 1.3770(daily/weekly) will target 1.3950, further out will aim 1.4130 head of 1.4300.On the downside , sustained trading below 1.3400 will open 1.3220 ahead of 1.3100, losing 1.3100 would open 1.2700 levels…

Support and resistance levels (Monthly) : 1.2042 , 1.2745 , 1.3104 , 1.3295 ,1.3471, 1.3710 ,1.3832, 1.3870 , 1.4025 , 1.4375 , 1.4866 , 1.4940 , 1.5140

Trend direction :Upward

Oversold level : 1.3400/1.3500 – buy after rejection on daily/weekly basis.

Bearish breakout level : 1.3400 – short below 1.3400 on daily /weekly basis.

Overbought level : 1.3680/1.3770 – short after rejection on daily/weekly basis.

Bullish breakout level : 1.3770 – buy above 1.3770 on daily/weekly basis.

 

 

 

MARKET DATA

UPCOMING ECONOMIC EVENTS

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