Special Focus on EURUSD Oct 17 2014

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Daily  Outlook in EURUSD has turned neutral with risk to the upside , support comes at the 1.2705 levels , a failure to hold below the 1.2705 levels on a daily closing basis , could mean a return to the 1.2886 levels , a break would open 1.2930 next , further upside will aim  the 1.2994 levels . If this important resistance is taken out , focus will be on the 1.3115/1.3159 levels.

On the downside , support comes at the 1.2705 levels , losing this level on a daily closing basis will bring a corrective pullback towards the 1.2620 levels . At this this point , 1.2620 levels should contain any pullback  below 1.2705 levels and bring rebound , If 1.2620 fails , next support will be 1.2500 and possible 1.2389 !!!!!

In all , as long as support 1.2705 holds on a daily closing basis , outlook in EURUSD remains on the upside towards the 1.2886 levels ahead of the 1.3000 levels , below 1.2705 faces a pullback risk .

 

Special Focus on EURUSD Oct 17 2014_daily

 

Intraday Outlook in EURUSD remains on the upside as long as 1.2735 holds on a 4 hour closing basis , a failure to hold below  the 1.2735 levels could mean a return to the 1.2886 levels , a break would open 1.2930 next, further upside will aim the 1.3000 levels.

On the downside , support comes at the 1.2735 levels , losing this level on a 4 hour closing basis will bring a corrective pullback towards the 1.2624 levels before the next rise.

In all , as long as support 1.2735 holds on a 4 hour closing basis , Intraday outlook in EURUSD remains on the upside towards the 1.2886 levels ahead of the 1.2930/1.3000 levels , below 1.2735 will bring a corrective pullback towards the 1.2624 levels before the next possible rise..

 

Special Focus on EURUSD Oct 17 2014_Intraday

 

Conclusion : we have strong demand on 1.2735/1.2705 levels ,any fall is likely to get contained well by this level , below this level will build sarong pressure on the 1.2620 levels .

Today , focus will be on US Building Permits (Sep) & Fed Chair Yellen Speaks at 12:30 GMT , and US Michigan Consumer Sentiment (Oct)  at 13:55 GMT, positive data should be taken as opportunity to buy the pair the on dip , while negative US data is supposed to advance the pair further higher .

Note that today’s closure is critical since it’s the last day of the week , If the pair manage to close around 1.2790  , weekly high is going to be a separated level between 1.2500 levels and 1.3400 levels…however ; more details will come  in the weekly forecast ..stay tuned !!!

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