EURUSD Weekly Forecast Apr 06 2015

Outlook in EURUSD remains neutral at the moment . On the upside , resistance comes at the 1.1051 levels , sustained breakout above the 1.1036 levels will open 1.1182 levels , a halt is likely , but a break would open 1.1315 /1.1379 next , further upside will pave the way towards the 1.1539 levels.

On the downside , support comes at the 1.0970 levels ahead of the 1.0855 levels , losing both levels will open main support level around 1.0712 levels , we might see hesitation but a clear break below this level will restore the downside momentum and open the 1.0580/1.0461 levels .

In all , the EURUSD is likely to consolidate within 1.0712/1.1051 range before the next move , above 1.1051 will open 1.1182 before the next possible fall , below 1.0766 will restore the downside momentum and open the 1.0850/1.0461 levels..

Support and resistance : 1.0400/1.0461/1.0580/1.0655/1.0712(main)/1.0855/1.0970/1.1051(main) , 1.1182 (main) , 1.1315 ,/1.1379/1.1539/1.1679

Short term trend : Neutral

Long / medium term trend : Downward

 

EURUSD Weekly Forecast Apr 06 2015

Key data (events) which may affect EURUSD pair this week :

1- Market remains closed in Europe for holidays, Monday…

2- Spanish  Unemployment Change . Monday at 07:00

3- U.S ISM Non-Manufacturing PMI (Mar) . Monday at 14:00

4- EURO zone Services PMI (Mar) . Tuesday  at 08:00

5- German Factory Orders (MoM) (Feb) Wednesday  at 06:00

6- EURO zone Retail Sales (MoM) (Feb) . Wednesday at 09:00

7-  FOMC Meeting Minutes . Wednesday at 18:00

8 – U.S Initial Jobless Claims  . Thursday at 12:30

9- U.S Federal Budget Balance (Mar) . Friday at 18:00

* All times are GMT…

Conclusion : Long and medium term trend remains down but short term is neutral with neutral , with the key resistance  1.1031 intact on a weekly closing basis , further down couldn’t be ruled out , anyway , watch out for news near support and resistance levels .

 

 

MARKET DATA

UPCOMING ECONOMIC EVENTS

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