EURUSD breaks -out falling wedge after strong German/French PMIs

The EURUSD moves higher this early moaning and breaks out of the falling wedge pattern  and above resistance 1.3582/1.3620 , at the moment the pair is around 1.3640 levels .

Both data “German & French ” were above expectations . the French PMI was 48.8 while the German PMI was 56.3 , too far beyond expectations “54.7″ , this development is an early warning for further gains in the nearest future , especially if the pair mange to hold its gains above 1.3620 levels.

What would happen next ?!!!

Now focus will be on US news next , we have Initial Jobless Claims at 13:30 GMT & Existing Home Sales at 15:00 GMT :

How US data would affect EURUSD today ?

First , let’s highlight support and resistance levels:

1.3507 , 1.3540 , 1.3582 , 1.3620 , 1.3650 , 1.3680 , 1.3710 , 1.3750

Initial Jobless Claims : Last week was 326 K , this week is expected to make a small gains to 331 K , how US Initial Jobless Claims will affect the EURUSD today ?!!

1. A reading within expectations between 300 K and 330 K is likely to bring small decline to test support around 1.3620 before flying towards 1.3650/1.3680 levels.
2. A reading between 330 K and 350 K will send the EURO directly through 1.3650/1.3680 levels.
3- A reading above 350 K is likely to send the pair towards 1.3680/1.3710 levels.
4- A reading below 300 K ” unexpected ” is likely to bring deeper decline towards 1.3582 levels before the next rise…

In general , negative US data will resume the bullish move  , positive US data would only delay the bullish move – may bring deeper decline – mixed US data will bring consolidations before the next rise ..

Remember , I mean by US data , both Initial Jobless Claims & Existing Home Sales…

The smart question now is :

Did fall from 1.3892 over at 1.3507 levels ?!!!!

EURUSD breaks -out falling wedge after strong German/French PMIs

Views: 377

Tags: EUR/USD, EURUSD

Comment by Haitham653 on January 23, 2014 at 3:46pm

Initial Jobless Claims has been released with 326 K , EURUSD has declined to 1.3630 before flying to 1.3680 levels as expected.........

Comment by Bero on January 23, 2014 at 3:52pm

seems 3710 and 3750 is on the horizon for tomorrow mmm

Comment by Mohammad Nasser on January 23, 2014 at 5:37pm
Hi MR. Any comment about AudUsd and UsdCad thanks
Comment by Haitham653 on January 24, 2014 at 9:26am

AUDUSD is bearish with risk towards 0.8585 levels . resistance 0.8730 ahead of 0.8775

USDCAD loses the upside momentum , a daily close below 1.1080 would open 1.1018/1.0990, to resume the upside offensive , 1.1173 must be taken out on a daily closing basis....

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