EURUSD Monthly Forecast July 2014

EURO-Dollar-min

Despite the bearish correction last (May) , monthly outlook in EURUSD  remains on the upside as long as support 1.3476 (Feb 2014 low) holds on a monthly closing basis , next resistance comes at the 1.3993 levels ( May 2014 high ) , break of 1.3993 on a monthly basis is needed to resume the upside offensive , If seen , next resistance would be around the 1.4300 levels , a halt is likely and we might see a top around this level, but break of the 1.4300 levels on a monthly closing basis will have large bullish  implication towards the 1.4939 levels (May 2011 high )…

On the downside , main support comes at the 1.3476 levels , losing this level on a monthly closing basis will turn outlook neutral for retesting the 1.3104 levels (Sept 2013 low ) , If this level fails expect to see the pair around the 1.2745 levels before the next rise ..

In all , as long as support 1.3476 holds on a monthly closing basis , outlook in EURUSD remains on the upside towards the 1.4000 levels ahead of the 1.4300 levels , below 1.3476 levels will reverse risks towards the 1.3104/1.2745 levels before the next possible rise………

In the long term view the pair will remain bullish as long as support 1.2745 holds on a monthly closing basis with risk towards the 1.4000/1.4500 levels ….below 1.2745 will turn outlook bearish towards the 1.2000 levels and possible lower towards the 1.1875 /1.1640 levels…

 

EURUSD Monthly Forecast July 2014

 

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