EURUSD – Weekly Forecast 02-06 Sept 2013

EURO-Dollar-min

The EURUSD maintained a bearish momentum last week, topped at the 1.3398 levels , bottomed at the 1.3172 levels, now pressure will be on the 1.3172 levels, the EURUSD will have to hold below the 1.3172 levels on a weekly closing basis to push the market for further downside losses, If seen, It will target the 1.2750 levels where a breach will turn the focus on the 1.2660/25 levels.

Alternatively, a failure to hold below the 1.3172 levels on a weekly closing basis, could mean a return to the 1.3398 levels, a break would turn the focus on the 1.3451 levels, furthermore will aim the 1.3710 levels.

In all, as long as 1.3451/398 levels hold on a weekly closing basis, the pair will remain under pressure with risk towards the 1.2750 levels.

On the daily chart, the pair needs to break and hold below the 1.3218 levels on a daily closing basis to pave the way towards the 1.3165/1.3066, at this point ,I’d expect a strong support from 1.3066 levels to contain fall from 1.3451 levels and bring reversal to the upside, however; losing 1.3066 would open 1.2992/1.2922 levels.

On the upside, resistance is at 1.3342 levels, a break above this level will open 1.3451 levels, above 1.3451 will focus on the 1.3620 ahead of 1.3710 levels.

Support and Resistance levels : 1.2755 , 1.2922, 1.2992, 1.3066, 1.3187,1.3205,1.3218, 1.3342,1.3415,1.3520,1.3615,1.3710

Trend Strength (daily chart):

Very Bullish: above 1.3451

Bullish: above 1.3342

Neutral: below 1.3342

Bearish: below 1.3187

Very Bearish: below 1.3066

Live Chart Of  EURUSD

Key data/events which may influence EURUSD  this week:

  • US – ISM Manufacturing PMI, Tuesday : 2:00 pm
  • US – Trade Balance, Wednesday : 12:30 pm
  • EUR – Minimum Bid Rate, Thursday :11:45 am
  • US – ADP Non-Farm Employment Change, Thursday, 12:15 pm
  • EUR – ECB Press Conference, Thursday, 12:30 pm
  • US –  Unemployment Claims, Thursday 12:30 pm
  • US – ISM Non-Manufacturing PMI, Thursday, 2:00 pm
  • US – Non-Farm Payrolls, Friday, 12:30 pm
  • US – Unemployment Rate, Friday, 12:30 pm

All times are GMT.

 EURUSD  Weekly Chart

MARKET DATA

UPCOMING ECONOMIC EVENTS