EURUSD – Weekly Forecast 07-11 Oct 2013

EURO-Dollar-min

The EURUSD continued its upside bias last week , topped at the 1.3645 levels, to resume its upside offensive; the pair will have to hold above the 1.3645 levels on a weekly closing basis,If seen , It’s likely to recapture the 1.3710 levels with a breach , next resistance comes around at the 1.3785 levels, further upside will aim the 1.4000 /1.4280 levels  , a rejection is strongly suggested around the  1.4280 levels , but sustained break above the 1.4280 levels would open the 1.4685/1.4940 levels.

On the downside , a failure to hold above the 1.3645 levels on a weekly closing basis, could mean a return to the 1.3461 levels, a halt is suggested , but losing the 1.3461 levels would weaken the current bullish run ,If seen , It’s likely to open the 1.3325 levels, further downside will aim the 1.3104 levels.

In all , the EURUSD will remain biased to the upside with risk towards the 1.3710/1.3785 levels and possible higher as long as the 1.3104/1.3325 levels hold on a weekly closing basis.

Support and resistance levels (weekly chart) : 1.2042 , 1.2287 , 1.2260 , 1.2754 , 1.3104 ,1.3172, 1.3325 , 1.3461,1.3645 , 1.3785 , 1.4280 , 1.4400, 1.4940

 

Trend Strength (Weekly Chart):

Very Bullish : above  1.3325

Bullish : above 1.3104

Neutral : below 1.3104

Bearish : below 1.2660

 

Recommendations : Buy after rejection above 1.3461 levels ( daily basis ), or short after rejection below 1.3461 levels (daily basis).

 

 

MARKET DATA

UPCOMING ECONOMIC EVENTS

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