The EURUSD maintained some bearish momentum last week , printed a new resistance at the 1.3222 levels, and found a temporary support at the 1.3107.
On the the downside, stability below 1.3222 on a daily closing basis would add pressure on the 1.3107 levels, losing the 1.3107 will extend weakness towards the 1.3066, at this point I still expect a strong support from the 1.3066 levels to contain fall from 1.3451 and bring reversal , but losing 1.3066 will turn focus on the 1.2992 ahead of the 1.2922 levels, further more will aim the 1.2754 levels.
On the upside , resistance is at 1.3222 levels, a break would open the 1.3342 levels , further more will aim the 1.3451 levels, but I’d expect strong resistance from the 1.3342/1.3451 levels to contain any rise and bring reversal, but break of 1.3451 will have large bullish implication towards the 1.3600 levels ahead of the 1.3700 levels.
In all as long as the 1.3222/1.3342 levels hold on a daily closing basis, the pair will remain biased to the downside with risk towards the 1.3066 levels, break of 1.3342 may expose 1.3451 levels !!!!
Support and Resistance levels : 1.2755 , 1.2922, 1.2992, 1.3066, 1.3107, 1.3222, 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 1.3222
Very Bearish : below 1.3066
Live Chart Of EURUSD
Key data/events which may influence EURUSD this week:
- EU – ECB President Draghi Speaks,Thursday 11:40 am
- US – Unemployment Claims ,Thursday 12:30 pm
- US – Core Retail Sales m/m ,Friday , 12:30 pm
- US – PPI m/m, Friday , 12:30 pm
- US – Retail Sales m/m , Friday , 12:30 pm
- US – Prelim UoM Consumer Sentiment , 01:55 pm
All times are GMT.
EURUSD Daily Chart