EURUSD – Weekly Forecast 21-25 Oct 2013

EURO-Dollar-min

The EURUSD continued its bullish momentum last week, topped at the 1.3703, bottomed at the 1.3472 levels, this development  leaves the pair targeting the 1.3785 levels, a halt is suggested , but sustained break  above the 1.3785 levels will open the 1.4280 levels, further out will aim the 1.4400 levels.

On the downside , support comes at the 1.3472 levels, losing this level on a weekly basis will bring deeper fall towards the 1.3104 levels where strong halt is suggested , below 1.3104 will target the 1.2755 levels.

Overall, the pair will remain biased to the upside as long as 1.3472 levels hold on a weekly basis with risk towards the 1.3785 levels ahead of the 1.4280 levels.

Support and resistance levels (weekly chart) : 1.2042 , 1.2287 , 1.2660 , 1.2754 , 1.3104 ,1.3172, 1.3325 , 1.3472 , 1.3785 , 1.4280 , 1.4400, 1.4940

Trend Strength (Weekly Chart):

  • Bullish : above 1.3472
  • Neutral : below 1.3472
  • Bearish : below 1.3104

Recommendations : Buy after rejection above 1.3472 levels ( daily basis ), Buy after rejection above 1.3785 (daily basis),or short after rejection below 1.3472 levels (daily basis).

 

MARKET DATA

UPCOMING ECONOMIC EVENTS

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