EURUSD Weekly Forecast Aug 04 2014

EURO-Dollar-min

Outlook in EURUSD remains on the downside as long as resistance 1.3490/1.3640 holds on a weekly closing basis. Support comes at the 1.3420 level. Losing this level would open 1.3350 next. The further downside will aim the 1.3180 levels, more losses will pave the way towards the 1.3000 levels…

On the upside. Resistance comes at the .3444/ 1.3490 levels. Break of this level will turn outlook neutral for retesting 1.3640 levels before the next fall, break of the 1.3640 levels will suggest short term bottoming and reverse risks to the upside towards the 1.3745/1.3882/1.3993 levels……

In all. As long as resistance 1.3490/1.3640 holds on a weekly closing basis, the outlook in EURUSD remains on the downside towards the 1.3350 levels and possibly lower towards the 1.3180 levels, Above the 1.3640 levels will turn outlook towards the 1.3745/1.3882/1.3993 levels…

Note: the first assumed target of 1.3993/1.3490 run almost achieved last week at 127.2% Feb extension at the 1.3355 levels, as a result; sustained trading – weekly closing above the 1.3640 levels is likely to bring strong recovery towards the 1.3993 levels, otherwise the risk will remain on the downside …

EURUSD Weekly Forecast Aug 04 2014

MARKET DATA

UPCOMING ECONOMIC EVENTS