Because of the lack of significant news last week , the EURUSD enjoyed the recovery , but recovery was limited as expected below the 1.2825 levels ,the most important , the pair ended the week below 1.2675 levels , this week has a lot of critical data which could be a clue about the next move , let’s take a quick look at the most important news which could effect the EURUSD :
Tuesday , Oct 14 2014.
- From EURO Zone , Germany will release its data on (German ZEW Economic Sentiment) .
Wednesday ,Oct 15 2014
- US will release its data on Core Retail Sales (MoM) (Sep).
- US will release its data on PPI (MoM) (Sep) .
- US will release its data on Retail Sales (MoM) (Sep).
Thursday , Oct 16 2014
- The European Commission will release its data on Consumer Price Index (CPI) (YoY).
- US will release its weekly report related to initial jobless claims.
- US will release its data on Philadelphia Fed Manufacturing Index (Oct) .
Friday , Oct 17 2014
- US will release its data on Building Permits (Sep) .
Events will be discussed during the week in real time .
Technical outlook :
Outlook in EURUSD remain on the downside as long as resistance 1.2825/1.2675 holds on a weekly closing basis , stability below the 1.2675 levels on a weekly closing basis could mean a return to the 1.2500 levels , losing this level would open 1.2389 next , a cut will bring free fall towards 1.2300/1.2127 levels , further downside will pave the way towards the 1.2000 levels.
On the upside , resistance comes at the 1.2675 levels ahead of the 1.2825 levels , break of this level on a weekly basis will turn outlook neutral , If seen , we need to evaluate pair’s activities above the 1.2825 levels to anticipate the next move .
In all , as long as resistance , 1.2675 holds on a weekly basis , outlook in EURUSD remains on the downside towards the 1.2500 levels ahead of the 1.2389 levels , above the 1.2675 levels will bring limited gains below the 1.2825 levels .