EURUSD – Weekly Forecast 22-26 Jul 2013


The EURUSD maintained some bullish momentum last week, topped at 1.3178, and bottomed at 1.2993, pressure remains on the key resistance 1.3206, the EURUSD will have to hold above the 1.3206 levels on a weekly closing basis to push the market for further upside gains, If seen it will target the 1.3330 levels ahead of 1.31415 levels.

Alternatively, a failure to hold above the 1.3206 levels could mean a return to the 1.2755 levels, losing 1.2755 will target 1.2660 ahead of 1.2500.

On the daily chart, the daily close above 1.3145 may recapture 1.3206 with a breach and target 1.3330 levels, before the next fall, keep that in mind, support is at 1.3082,13065,1.2990 ahead of 1.2920(main). Note that stability above 1.2920 levels will keep 1.3206 under pressure and the pair is likely to try higher towards 1.3300 levels, a daily close below 1.2920 will flip bias back to the downside for retesting 1.2755.

Here are the most important events for EURUSD pair next week :

Monday, July 22

The U.S. will release data on existing home sales, an important economic indicator.

Wednesday, July 24

The eurozone will release data on manufacturing and service sector activity, while Germany and France are also to publish individual reports.

The U.S. will release official data on new home sales, a leading indicator of economic health.

Thursday, July 25

In the eurozone, Spain will release official data on the unemployment rate. The Ifo Institute is to publish its index of German business climate.

The U.S. will release government data on durable goods orders, a leading indicator of production, as well as the weekly government report on initial jobless claims.

Friday, July 26

In the eurozone, Germany will release official data on retail sales and import prices.

The U.S. will end the week with revised data on consumer sentiment from the University of Michigan.

Stay tuned for updates…





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