EURUSD Weekly Forecast Sept 29 2014

EURO-Dollar-min

The EURUSD declined as expected last week , topped at the 1.2900 levels , bottomed and closed around 1.2680 levels , with no sign of recovery , further downside is likely this week , instant support comes at the 1.2660 levels , we might see hesitation before the next leg down , however ; a clear break below this level will continue falling towards the the psycho levels 1.2500 , a halt is likely , but , sustained trading below this level will open 1.2389 next , further downside will pave the way towards the 1.2000 levels..

On the upside , resistance comes at the 1.2826 levels , a clear break above the this level will turn outlook neutral for retesting the 1.2994 levels before the next fall..

In all , as long as 1.2826 holds on a weekly closing basis , outlook in EURUSD remains on the downside towards the 1.2570/1.2500 levels , above the the 1.2826 levels will bring recovery towards the 1.2994 levels before the next fall..

Support and resistance : 1.2040 ,1.2240, 1.2389 , 1.2500 , 1.2570 , 1.2660 , 1.2825 ,1.2900,  1.2994

 

EURUSD Weekly Forecast Sept 29 2014

 

 

 Live chart of EURUSD 



Key data which may influence  EURUSD this week : 

  •  German Consumer Price Index (CPI) , Monday at 12:30 . A higher than expected  (-0.1% ) reading should be taken as positive/bullish for the EUR, while a lower than expected reading should be taken as negative/bearish for the EUR.
  • US Pending Home Sales (MoM) , Monday at 14:00. A higher than expected  (-0.1% ) reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.
  • German Unemployment Change , Tuesday at 07:55 . A higher than expected  (-2 K ) reading should be taken as positive/bullish for the EUR, while a lower than expected reading should be taken as negative/bearish for the EUR.
  • EURO Consumer Price Index (CPI), Tuesday at 09:00 .  A higher than expected  (0.3% ) reading should be taken as positive/bullish for the EUR, while a lower than expected reading should be taken as negative/bearish for the EUR.
  • US CB Consumer Confidence , Tuesday at 14:00. A higher than expected  (92.5 ) reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.
  • German Manufacturing PMI . Wednesday at 07:55 .  A higher than expected  (50.3 ) reading should be taken as positive/bullish for the EUR, while a lower than expected reading should be taken as negative/bearish for the EUR.
  • US  ADP Nonfarm Employment Change , Wednesday at 12:15 . A higher than expected  (210 K ) reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.
  • US ISM Manufacturing PMI , Wednesday at 14:00 GMT . A higher than expected  (58.5 ) reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.
  • ECB Interest Rate Decision , Thursday at 11:45 .  A higher than expected  (0.05% ) reading should be taken as positive/bullish for the EUR, while a lower than expected reading should be taken as negative/bearish for the EUR.
  • US Initial Jobless Claims , Thursday at 12:30. A higher than expected (298 K) reading should be taken as negative/bearish for the USD, while a lower than expected reading should be taken as positive/bullish for the USD.
  • German Services PMI , Friday at 07:55 . A higher than expected  (554 ) reading should be taken as positive/bullish for the EUR, while a lower than expected reading should be taken as negative/bearish for the EUR.
  • US Nonfarm Payrolls  , Friday at 12:30 . A higher than expected  (215 K ) reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.
  • US Unemployment Rate , Friday at 12:30 . A higher than expected  (6.1% ) reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.
  • US ISM Non-Manufacturing PMI , Friday at 14:00 .  A higher than expected  (58.5 ) reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.

* All times are GMT.

Note : below 1.2826 , any positive data for EURUSD is seen as a bullish correction for selling the pair at resistance levels.

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