EURUSD – Weekly Forecast 30 Sept – 04 Oct 2013

EURO-Dollar-min

The EURUSD failed to break above the 1.3568 levels last week, so more consolidative trading is suggested below this level, to resume its upside offensive , the pair will have to hold above the 1.3568 levels on a weekly closing basis , 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.

On the downside, 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

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