EURUSD Weekly Forecast Oct 20 2014

EURO-Dollar-min

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

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 .

 

EURUSD Weekly Forecast Oct 20 2014

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 …

 

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