The EURUSD jumped towards the 1.2886 levels last week , and printed a new resistance at this level which could change trend direction the upcoming weeks , before we continue let’s highlight the most important events which may influence EURUSD pair next week :
Tuesday , Oct 21 2014
- US will release its report on Existing Home Sales.
Wednesday , Oct 22 2014
- US will release its data on Core CPI (MoM) (Sep) .
Thursday , Oct 23 2014
- From EURO zone , Germany will release its data on Manufacturing PMI (Sep).
- US will release its weekly report on initial jobless claims.
Friday , Oct 24 2014
- US will end the week with its report on New Home Sales (Sep).
Events will be discussed during the week …..
Technical Outlook :
Outlook in EURUSD has turned neutral with risk to the downside , resistance comes at the 1.2886 , a failure to hold above the 1.2886 levels on a weekly closing basis , could mean a return to the 1.2620 levels ahead of the 1.2500 levels , a cut will resume fall from 1.3994 towards the 1.2389/1.2300 levels ahead of the 1.2127/1.2042 levels.
On the upside , resistance comes at the 1.2886 levels , break of the 1.2886 levels on a weekly closing basis , will put the pair in recovery mode , but recovery mode above 1.2886 levels should be contained well by the 1.3335/1.3444 levels .
In all , as long as resistance 1.2886 holds on a weekly closing basis , outlook in EURUSD remains on the downside towards the 1.2620 levels ahead of the 1.2500 levels , but the pair faces a recovery risk above the 1.2886 levels .
Conclusion : The pair has printed resistance on a weekly basis at the 1.2886 levels , but smaller time frames suggest further upside towards 1.2886/1.3000 levels , note that overbought zone is above 1.2886 levels , so If the pair manage to reach 1.2886 levels , any negative data for EURUSD is likely to bring a massive fall, keep that in mind …