EURUSD – Weekly Forecast 19-23 Aug 2013

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EURO-Dollar-min

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

MARKET DATA

UPCOMING ECONOMIC EVENTS

1 COMMENT

  1. Update: Keep an eye on 1.3205 and 1.3362 levels, any break above 1.3362 or below 1.3205 on Monday or Tuesday probably is fake and most likely data on Wednesday or Thursday would push the pair back to the opposite direction of the break….
    But in return, any break above 1.3362 or below 1.3205 on Wednesday or Thursday most likely is real, If seen , the market might correct a little bit before moving in the direction of the breakout the next days…however; stay tuned for updates during the week!!!

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