EURUSD – Weekly Forecast 23-27 Sept 2013

EURO-Dollar-min

The EURUSD maintained a strong bullish momentum as suggested last week , topped at the 1.3568 levels, this development confirmed support at the 1.3104 levels, now pressure will be on the 1.3568 levels.

The EURUSD will have to hold above the 1.3568 levels on a weekly closing basis to push the market for further upside gains,If seen ,It will target the 1.3785 levels where a breach will turn focus on the 1.4280 levels, further upside will aim the 1.4400 levels.

Alternatively, a failure to hold above the 1.3568 levels could mean a return to the 1.3325 levels, a halt is strongly suggested ,but losing the 1.3325 levels on a weekly closing basis will pave the way towards the 1.3104 levels; to reverse risks to the downside, the pair will have to hold below the 1.3104 levels on a weekly closing basis, If seen , It will pave the way towards the 1.2661/1.2745 levels.

In all, the pair will remain biased to the upside as long as 1.3104/1.3325 levels hold on a weekly closing basis with risk towards the 1.3785/1.4280 levels, below 1.3104 would reverse risks towards the 1.2660/1.2745 levels.

Support and resistance levels (weekly chart) : 1.2042 , 1.2287 , 1.2260 , 1.2754 , 1.3104 ,1.3172, 1.3325 , 1.3570 , 1.3785 , 1.4280 , 1.4400, 1.4940

Trend Strength (Weekly Chart):

Bullish : above 1.3104

Neutral : below 1.3104

Bearish : below 1.2660

Recommendations : Buy on the break of 1.3568 ( daily basis) or buy after rejection above 1.3325 levels ( daily basis ).

Note that a break below 1.3325 will bring consolidation ( daily basis).

 

EURUSD – Weekly Chart

MARKET DATA

UPCOMING ECONOMIC EVENTS