EURUSD Intraday Forecast May 21 2014

Recommendations: SHORT positions  below 1.3744 with 1.3685  & 1.3650 as next targets.

Alternative scenario: The upside breakout of 1.3744 will call for a rebound  to 1.3775/810.

Description:  Intraday outlook in EURUSD remains on the downside , as long as resistance 1.3744 holds ,support comes at the 1.3685 levels ahead of the 1.3647 levels , a break would open 1.3600 next. On the upside : sustained trading – hourly closing  - above the 1.3744 will turn outlook neutral for retesting the 1.3775/1.3810 levels , further upside will call for a run towards the 1.3843 levels .At this point I’d expect strong resistance from the 1.3810/1.3843 to limit rise above 1.3744 and bring another fall.

Support & Resistance : 1.3600, 1.3647, 1.3685,  1.3744 (Pivot)  ,1.3775 , 1.3810 , 1.3843

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Comment by nader on May 21, 2014 at 11:26am
Perfect call as usual dear Haitham


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