EURUSD Weekly Forecast May 25 2015

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Outlook in EURUSD remains on the downside as long as 1.1151 resistance holds on a daily closing basis, support comes at the 1.0960 levels , a halt is very likely and bottoming may occur here, but a cut would open 1.0845 next, further down will target the 1.0665 levels.

On the upside, resistance comes at the 1.0960 levels, a break would turn outlook neutral for retesting main resistance at the 1.1151 levels, further upside will extend recovery towards the 1.1297 levels before the next possible fall…

In all, as long as 1.1061 resistance holds on a daily closing basis, outlook in EURUSD remains on the downside towards the 1.0960 levels where a cut will open 1.0845 levels, above 1.1061 faces a recovery risk towards the 1.1151/1.197 levels before the next fall…

Support and resistance : 1.0461, 1.0665, 1.0845, 1.0960, 1.1151, 1.1297, 1.1466, 1.1533, 1.1679

Short term trend : (Daily):

Bearish: below 1.1061

Bearish (Recovery): below 1.1297

Bullish : above 1.1297

Medium term trend (Weekly):

Neutral : above 1.0845

Bearish : below 1.0845

Bullish : above 1.1466

 

EURUSD Weekly Forecast May 25 2015

 

Key data events which may affect EURUSD pair this week :

1- U.S Core Durable Goods Orders m/m . Tuesday at 12:30

2- U.S CB Consumer Confidence . Tuesday at 14:00

3- U.S New Home Sales . Tuesday at 14:00

4- GfK German Consumer Climate (Jun) .Wednesday at 06:00

5- U.S Services PMI (May). Wednesday at 13:45

6- U.S Initial Jobless Claims .Thursday at 12:30

7- U.S Pending Home Sales m/m Thursday at 14:00

8- German Retail Sales .Friday at 06:00

9- U.S Gross Domestic Product (GDP) . Friday at 12:30

10- U.S Michigan Consumer Sentiment (May) Friday at 14:00

*All Times Are GMT

You may follow events live at: Live Calendar

Conclusion : Despite the pair is bearish , keep an eye on 1.0960 levels , a halt is strongly suggested for 3 reasons, 1) cluster support at 1.0951 , 127.2% extension of (1.1466/1.1061 run). 2) low of Apr 29 2015 at 1.0959 levels. 3) Falling trend line comes around 1.0950 levels. As a result I think we have strong demand around 1.0950 levels. Tomorrow focus will be on US data, Durable Goods and CB Consumer Confidence, negative U.S data is likely to bring rebound to test resistance levels before the next fall, positive US data should add strong pressure on the 1.0950 levels. Strategy remains to short the pair on rebound….

MARKET DATA

UPCOMING ECONOMIC EVENTS