Despite recovery we witnessed last week , outlook in EURUSD remains on the downside as long as resistance 1.2613 holds on a weekly closing basis , stability below the 1.2613 levels on a weekly closing basis could mean a return to the 1.2485 levels , a clear break would open 1.2393/1.2357 levels , a cut will bring free fall towards the 1.2200 levels , further losses will aim the 1.2042 levels .
On the upside , resistance comes at the 1.2613 levels , sustained trading – weekly closing – above this level will turn outlook neutral and bring recovery towards the 1.2770 levels ahead of the 1.2886 levels before the next fall.
In all , as long as resistance 1.2613 holds on a weekly closing basis , outlook in EURUSD remains on the downside towards the 1.2393/1.2357 levels ahead of the 1.2200 levels , above the 1.2613 levels faces a recovery risk towards the 1.2770/1.2886 levels.
Key data/events which may influence EURUSD next week :
Monday Nov 17 2014
- ECB President Draghi Speaks.
Tuesday Nov 18 2014
- From EURO zone , Germany will release it data on German ZEW Economic Sentiment.
- US will release its data on PPI (m.m).
Wednesday Nov 19 2014
- US will release its data on Building Permits followed by FOMC Meeting Minutes.
Thursday Nov 20 2014
- From EURO zone , France will release its data on French Manufacturing PMI followed by German Manufacturing PMI.
- US will release its data on CPI (m/m ) and Core CPI (m/m) followed by its weekly report on Initial Jobless Claims and finally Philadelphia Fed Manufacturing Index.
Friday Nov 21 2014
- From EURO zone , ECB President Draghi Speaks.
Events will be discussed during the week.
- Watch out for news near : 1.2357 , 1.2393 , 1.2485 , 1.2613 , 1.2770 , 1.2886 levels .
- Weekly resistance comes at the 1.2613 levels while daily chart resistance comes at the 1.2630 levels , any rejection from 1.2613/1.2630 levels is likely to bring fall resumption , but in return ; sustained trading above the 1.2613/1.2630 levels on a daily closing basis will open 1.2770/1.2886 levels .
- A daily closing below 1.2393 is needed to resume fall from 1.2886 levels , If seen , next support would be 1.2200 levels .