EURUSD – Weekly Forecast 04-08 Nov 2013


Recommendations: SHORT positions around 1.3650  with 1.3472 & 1.3325 as next target.
Alternative scenario:The upside breakout of 1.3832 will call for a rebound to 1.4025/1.4280.
Description:The EURUSD failed to hold its gains above the weekly resistance 1.3785 and printed a new resistance at the 1.3832 levels, support comes at the 1.3472, losing this level would open 1.3325 levels,below 1.3325 would target 1.3104 levels.On the upside, the pair has lost its bullish momentum, any rise would be capped by the key resistance 1.3650 ahead of 1.3832 , to resume its gains , the pair needs to break and hod above the 1.3832 levels on a weekly basis, otherwise the risk will remain strong to the downside even in case of bullish correction .

Support and resistance levels (weekly chart) : 1.2042 , 1.2287 , 1.2660 , 1.2754 , 1.3104 , 1.3325 , 1.3472 , 1.3832 , 1.4280 , 1.4400, 1.4940




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