Intraday Market Forecast 08 Jan 2014

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Intraday Market Forecast will be focusing on EURUSD , XAUUSD & Crude Oil today :

EURUSD: (Cautious Rebound )

Recommendations: LONG positions above 1.3580 with 1.3630 & 1.3650 as next targets.
Alternative scenario:The downside breakout of 1.3580 will open 1.3550/1.3520 levels.
Description: At the moment ; the pair is rebounding to the upside , stability above the key support  1.3580 will keep the bullish correction intact and look for 1.3630/1.3650 levels, above 1.3650 would open 1.3780/1.3810 next .On the downside losing 1.3580 would open 1.3550/1.3520 levels.

XAUUSD: ( Rebound)

Recommendations: LONG positions above 1220 with 1235 & 1245 as next targets.
Alternative scenario:The downside breakout of 1220 will open 1210/1200 levels.
Description: Stability above the key support 1220 will keep the bullish momentum intact and look for 1245 ahead of 1255 levels, losing 1220 would delay the bullish move for retreating 1210 ahead of 1200 levels.

Crude Oil: (Bearish Bias )

Recommendations: SHORT positions below 94.40 with 93.65 & 93.40 as next targets.
Alternative scenario:The upside breakout of 94.40 will open 95.00/95.50 levels.
Description: Stability below the key resistance 94.40 will keep the pair under pressure with risk towards 93.65/93.40 levels, break of 94.40 will bring rebound and open 95.00/95.55 levels next.

MARKET DATA

UPCOMING ECONOMIC EVENTS