EUR/USD Daily Chart:
Euro - US Dollar (EUR/USD) Forecast:
Previous Outlook of EUR/USD:
" Analysis for EUR/USD was not updated last weekend.”
EUR/USD Outlook For This Week:
|Please check the relative strengths of recent economic releases and technical indications at following links as the base of this week's forecast of EUR/USD. We recommend to check the economic strength meter on Fundamental Outlook page.|
|EUR/USD Fundamental Outlook||EUR/USD Technical Outlook|
Euro-US Dollar (EUR/USD) lost some momentum but has been still inching upward. The currency pair has been mainly staying over 5-day EMA. The sharp downward spike on November 29th found support near 22-day EMA (1.2880). The pair went as high as 1.3027 before closing for the week at 1.2985.
As we have been mentioning that though the currency pair had broken over the mid-term parallel channel, the recent upward gains have just completed the 38.2% Fibonacci retracement of the downward move during the beginning of May, 2011 and July 24, 2012 and hence we have been considering the earlier upward move (before the current fall) just as a consolidation in the longer perspective. Further evidence is required by a decisive break over 1.3172 and then 1.3495/1.3500 to conclude that the reversal may be on the way.
EUR/USD Trading Strategies:
As mentioned that even though we expect some more gains, we will stay neutral till some sustained price action above 1.3000 does not take place. In case EUR/USD manages that then we will be on buying side to target the mentioned resistance levels. If the resistance continues and the mentioned, immediate, support is broken then we will go back to short-selling.
Considering the price action and the frequently changing sentiments about the development in Euro zone, our positions will be short term. Euro pairs may tend to be very volatile with unexpected moves because of the situation is Euro zone and hence though the stop-loss should not be very tight but should not be very wide either.
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(Please join the News Letter to get email alerts when the Forex analysis/forecast is updated. Please also check and share any real time Euro-Dollar Trades in Forum) and current EUR USD market sentiments. We also post EUR/USD Outlook as "EUR/USD Today" in the Forex Blogs.
For short term Forex trading analysis, please refer to daily technical analysis for Euro US Dollar at EUR/USD daily analysis.
There can also be some news or some indications from technical indicators or chart patters which may suggest some major moves. Please check and share such observations about about Euro-Dollar and other currency pairs in the Forex Forum Alerts.
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