Short term outlook in EURUSD has turned to the upside as long as 1.0845/1.0665 support holds on a daily closing basis , resistance comes at the 1.0935 levels , a halt is likely but a break would open 1.1051 levels , further upside will target the 1.1182 levels .

On the downside , support comes at the 1.0845 levels ahead of 1.0665 (main) , a clear break below the 1.0665 levels will reverse risk to the downside and open the 1.0519/1.0461 levels …

In all , as long as 1.0845 /1.0665 support holds on a daily closing basis , outlook in EURUSD remains on the upside towards the 1.0935 levels ahead of the 1.1051 levels , below 10665 will reverse risk towards the 1.0519/1.0461 levels.

Note that stability above the key support 1.0845 , will keep the bullish momentum intact , below 1.0845 will open main support 1.0665………

Support and resistance : 0.9970 , 1.0100 , 1.0277 , 1.0460 , 1.0520 , 1.0665 (main) , 1.0845 , 1.0935,  , 1.1051 (main) , 1.1182 , 1.1379…….

Short term trend : bullish (above 1.0665 ).

Medium term trend : Neutral (1.0461 / 1.1051).

 

Key data (events) which may affect EURUSD pair this week :

Tuesday Apr 28 :

  • GfK German Consumer Climate (May) at 06:00
  • US CB Consumer Confidence (Apr) at 14:00

Wednesday Apr 29:

  • German Consumer Price Index (CPI)  (MoM) (Apr) at 12:00
  • US Gross Domestic Product (GDP) (QoQ) (Q1) at 12:30
  • US Pending Home Sales (MoM) (Mar) at 14:00
  • F.O.M.C statement + Fed Interest Rate Decision  at 18:00

Thursday Apr 30 :

  • German Unemployment Change (Apr) at 07:55
  • Euro-Zone Consumer Price Index (CPI) (YoY) (Apr) at 09:00
  • US Initial Jobless Claims at 12:30
  • US Personal Spending (MoM) (Mar) at 12:30
  • US Chicago PMI (Apr) at 13:45

Friday May 01

  • Friday is holiday in France ,China , Italy , Spain , Switzerland and Germany ( Labour Day).
  • US ISM Manufacturing PMI at 14:00

*All Times Are GMT

Conclusion : In medium term forecast , the pair is in recovery mode as long as 1.0461 support holds on a weekly closing basis , short term view remains on the upside above the 1.0665/1.0845 , as a result ,there’s a room for further upside gains , negative data for EURUSD pair should be taken as an opportunity to buy the pair on dips ..In all , keep an eye on news near support and resistance levels…

 

EURUSD Weekly Forecast Apr 27 2015

 

Views: 151

Comment by Oasis on April 28, 2015 at 12:58pm

1.0935 looks like a good call Haitham.

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