EURUSD – Weekly Forecast 16-20 Sept 2013


The EURUSD maintained some bullish momentum last week , support comes at the 1.3172 levels, since the the  market failed to break below the 1.31712 levels, the pair pulled-back towards the 1.3324 levels.

On the upside, resistance is at the 1.3318 levels, break of this level will add strong bullish momentum to the pair, next resistance comes at the 1.3380, a breach will turn focus on the 1.3570 levels, further upside will aim the 1.3785 levels.

On the downside, the EURUSD will have to hold below the 1.3172 levels on a weekly closing basis to reverse risks to the downside,If seen,It will target the 1.2754/660 levels where halt is suggested, but sustained break below 1.2660 will have large bearish implication towards the 1.2280/1.2040 levels.

In all, as long as the 1.3172 levels hold on a weekly closing basis, the pair will remain biased to the upside with risk towards the 1.3380 levels ahead of the 1.3570 levels.

Support and resistance levels (weekly chart) : 1.2042 , 1.2287 , 1.2260 , 1.2754 , 1.3172 , 1.3318, 1.3380 , 1.3570 , 1.3785 , 1.4280 , 1.4400, 1.4940

Trend Strength (Weekly Chart):

Bullish : above 1.3172

Neutral : below 1.3172

Bearish : below 12660


EURUSD – Weekly Chart




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