EURUSD Weekly Forecast Aug 11 2014

EURO-Dollar-min

Outlook in EURUSD remains cautiously on the downside as long as resistance 1.3433 holds on a weekly closing basis , support comes at the 1.3294 levels , sustained trading – weekly closing below this level will open 1.3163/1.3105 levels . At this point I’d expect strong support from the 1.3163/1.3105 levels to contain fall from the 1.3993 levels and bring rebound , sustained trading – weekly closing – below the 1.3105 levels will bring a free fall towards the 1.2750 levels….

On the upside , resistance comes at the 1.3433 levels , sustained trading – weekly closing – above the  1.3433 levels will turn outlook neutral for retesting the 1.3640/1.3700 levels before the next fall , to completely restore the upside momentum , 1.3700 should be taken out on a weekly basis , If seen , next resistance would be the 1.4000 levels……

In all , with the key resistance 1.3433 intact , the EURUSD is likely to return to its downside momentum with risk towards the 1.3344/1.3295 levels and possible lower towards the 1.3163/1.3105 levels……Above the 1.3433 levels will turn outlook neutral but upside move above the 1.3433 levels should be limited by the 1.3640/1.3700 levels to bring rally resumption…….

 

EURUSD Weekly Forecast Aug 11 2014

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