EURUSD – Weekly Forecast 12-16 Aug 2013


The EURUSD continued to maintain  its bullish momentum last week , printed a critical support on the weekly chart at the 1.3230 levels, the EURUSD will have hold above the 1.3230 levels on a weekly closing basis to push the market for further upside gains, stability above the 1.3230 levels will build a pressure on the 1.3415 levels, break of 1.3415 will have large bullish implication towards 1.3710, above 1.3710 will focus on the 1.4200 /1.4500 as well as 1.5000.

On the downside, losing the 1.3230 levels on a weekly closing basis will print a new top , If seen, this development is likely to weaken the current bullish run in medium-term outlook , but downside below 1.3230 is likely to be contained well above the 1.3000 levels, below 1.3000 will flip bias back to the downside for retesting 1.2750 levels.

On the daily chart , although the pair maintained some bearish momentum last Friday, but it remains very bullish, losing the 1.3332 levels on a daily closing basis will confirm short term topping at 1.3400 levels, next support is 1.3265 where halt is suggested , but below 1.3265 will focus on the 1.3165/85 as well as 1.3060 levels.

Alternatively, a failure to hold below the 1.3332 levels could mean a return to the 1.3400 levels, If seen a breach is likely, above 1.3400/415 will have large bullish implication towards the 1.3710 levels.

Support and Resistance levels : 1.2755 , 1.2922, 1.2992, 1.3060, 1.3165,1.3265,1.3332, 1.3415,1.3615,1.3710

Trend Strength (daily chart):

Very Bullish : above 1.3332

Bullish : above 1.3265

Neutral : below 1.3265

Bearish : below 1.2922

blankLive Chart of  EURUSD 


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