EURUSD – Weekly Forecast 11-15 Nov 2013


Recommendations: SHORT positions around 1.3485  with 1.3325 & 1.3190 as next target.
Alternative scenario:The upside breakout of 1.3546 will call for a rebound to 1.3650/832.
Description: The EURUSD continued its bearish momentum last week , but the pair was rejected from the key support 1.3325 , sustained break below 1.3325 would open 1.3104 levels, at this point I’d expect strong support above 1.3104 to contain downside from 1.3832 and bring reversal to the upside ,If seen, the pair may rebound 400/500 pips in a matter of days , but , If 1.3104 fails ,expect the market to weaken further towards 1.2754 levels.On the upside , resistance is at 1.3546, a clear break above this level would open 1.3650/1.3832 levels . Note that buying the pair after rejection  from 1.3104/1.3190 on daily basis is recommended with target towards 1.3650/1.3832 levels.

Support and resistance levels (weekly chart) : 1.2042 , 1.2287 , 1.2660 , 1.2754 , 1.3104 , 1.3325 , 1.3546 , 1.3832 , 1.4280 , 1.4400, 1.4940





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