EURUSD – Weekly Forecast 26-30 Aug 2013


The EURUSD maintained a bullish momentum last week after topping at the 1.3451 levels, according to the daily chart, the pair loses some of its upside momenta, support comes at the 1.3334 ahead of the  1.3323 levels, losing  both levels on a daily closing basis will confirm short term topping at the 1.3451 levels, If seen, next support is at 1.3265 levels ahead of 1.3205/1.3187 levels,  below 1.3205/187 will open 1.3066/1.3050 levels.

On the upside, a failure to hold below the 1.3323/13334 levels could mean a return to the 1.3451 levels, however, to resume its upside offensive, the pair will have to hold above the 1.3451 levels on a daily closing basis, If seen, It will target the 1.3600 levels where a breach will turn focus on the 1.3700 levels.

In all, a consolidation below the 1.3451 levels is likely to bring a sudden fall towards the 1.3205 and possibly lower, while a consolidation above the 1.3451 levels will bring a sudden rise towards the 1.3600/700 levels.

On the weekly chart, as long as 1.3230 holds on a weekly closing basis, sudden rise towards the 1.3700 levels couldn’t be ruled out, losing 1.3230 on a weekly closing basis, will confirm short term topping and flip bias back to the downside towards the 1.3000/1.2800 levels.

Support and Resistance levels : 1.2755 , 1.2922, 1.2992,1.3050, 1.3066, 1.3187,1.3205,1.3265, 1.3323, 1.3334,1.3415,1.3615,1.3710

Trend Strength (daily chart):

Bullish : above 1.3451

Neutral : below 1.3451

Bearish : below 1.3187

Live Chart Of  EURUSD

Key data/events which may influence EURUSD next week:

  • US Core Durable Goods Orders m/m, Monday  12:30 pm
  • EUR German Ifo Business Climate, Tuesday  8:00 am
  • US CB Consumer Confidence, Tuesday  2:00 pm
  • US Pending Home Sales m/m, Wednesday 2:00 pm
  • US Prelim GDP q/q, Thursday, 12:30 pm
  • US Unemployment Claims, Thursday 12:30 pm

All times are GMT.

 EURUSD Daily Chart