The EURUSD maintained a bullish momentum last Thursday , topped at 1.3362 , bottomed at 1.3205, now pressure will be on the key resistance 1.3362, the EURUSD will have to hold above the 1.3362 levels on a daily closing basis to push the market for further upside gains, If seen, it will target the 1.3485 levels where a breach will turn the focus on the 1.3580 levels, furthermore will aim the 1.3710 levels.
Alternatively, a failure to hold above the 1.3362 levels could mean a return to the 1.3205 levels, a halt is suggested but losing this level on a daily closing basis would extend weakness towards the 1.3060 levels ahead of the 1.3000 levels.
In all, as long as the key support 1.3205 holds on a daily closing basis, the pair will remain biased to the upside with risk towards the 1.3485 ahead of 1.3600 levels, below 1.3205 will delay the bullish move and reverse risks to the downside.
On the weekly chart, as long as 1.3230 holds on a weekly closing basis, the pair is bullish, and sudden rise towards the 1.3600 levels couldn’t be ruled out, especially after rejection was confirmed on the daily from 1.3205 level last Thursday.
Support and Resistance levels : 1.2755 , 1.2922, 1.2992, 1.3060, 1.3165,1.3205,1.3362, 1.3415,1.3615,1.3710
Trend Strength (daily chart):
Very Bullish: above 1.3362
Bullish: above 1.3205
Neutral: below 1.3205
Bearish: below 1.2922
Live Chart Of EURUSD
Key data/events which may influence EURUSD next week:
- US Existing Home Sales, Wednesday 2:00 pm
- US FOMC Meeting Minutes, Wednesday 6:00 pm
- EUR French Flash Manufacturing PMI, Thursday 7:00 am
- EUR German Flash Manufacturing PMI, Thursday 7:30 am
- US Unemployment Claims, Thursday 12:30 pm
- US New Home Sales, Friday 2:00 pm
All times are GMT.
EURUSD Daily Chart