EURUSD Analysis and Forecast

[jackcm]

EURUSD fell to below 1.3500 after mixed ZEW and it may decline further in this week. Currently, it's trading around support 1.3490 and it would close around that level today.

Looking at daily chart, RSI and Momentum suggest there is more space on downside and psychology level 1.3400 could be reached in next few days, key support is 1.3333. On the upside, resistance levels: 1.3535 - 1.3570 - 1.3598, and a break above 1.3598 could change overall sentiment.

I think the only thing we should do is waiting for selling opportunity.

 

[jackcm]

10.17.2013 - Analysis and Forecast

Euro rises against US dollar due to the weak greenback. Unlike previous days, EURUSD has no difficult rallying today, it easily broke significant resistance 1.3598 and capped at 1.3682.

It is consolidating near daily high, which could make it rise to 1.3711 resistance level (Feb 1st high). On the downside, support could be found around 1.3615 - 1.3630 and the strong support is at 1.3580.

I expect EURUSD will keep rising; however, looking at 4H chart, momentum is quite high and it's better to wait for 1.3615 - 1.3630 to buy.