logo

FX.co ★ Weekly forecast for EUR/USD for July 24-25, 2014

Weekly forecast for EUR/USD for July 24-25, 2014

Today Key economic data -

French Flash manufacturing Pmi

French Flash services Pmi

German Flash manufacturing Pmi

German Flash services Pmi

Weekly forecast for EUR/USD for July 24-25, 2014

Ahead of these data, the euro looks very good. The pair moved to a 8-month low. It is stalling near the crucial short-term support levels at 1.3450 (20Hr low), 1.3425 (20 MSma and 200 WEma), 1.3395 (50 MSma). Tomorrow again the key data - German business climate and consumer climate - is due. In an extremely bearish situation, if the pair closes below 1.3395 within no time, we can see 1.33 and 1.32 levels in the near term.

In the daily chart, the daily RSI is indicating an oversold level, but in the h4 chart the hourly RSI is indicating an extremely oversold levels. On an intraweek basis, the pair is facing strong resistance at 40DEMA (1.3530 levels), above this, 1.3550, 1.3575 and 1.36 are the major resistance levels.

Weekly forecast for EUR/USD for July 24-25, 2014

For the hourly trading, the pair is trading below the hourly moving averages.

Intraweek support 1.3450 1.3425 1.3395

Intraday resistance 1.3467 1.3496 1.3510

For an intraweek basis, we recommend to fresh selling only below 1.3395.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
Go to the articles list Open trading account