EURUSD Weekly Forecast May 11 2015

Short term outlook on EURUSD has turned neutral as long as 1.1380 resistance holds on a daily closing basis, Immediate support comes at the 1.1122 levels ahead of the 1.1065 levels, losing this level on a daily will put the pair in a pullback mode for retesting main support level at the 1.0845 before the next possible rise. However; If 1.0845 fails on a daily closing basis, expect further weakness towards the 1.0665 levels and possibly lower towards the 1.0461 levels.

On the upside, resistance comes at the 1.1289 levels, sustained breakout will open the 1.1380 levels (main), we might see hesitation, but a break would open 1.1533 next, further upside will target the 1.1679 levels.

In all, as long as 1.1122/1.1065 support holds on a daily closing basis, the outlook on EURUSD remains on the upside towards the 1.1380 levels ahead of the 1.1533 levels, below 1.1065 faces a pullback risk towards the 1.0845 levels before the next rise…

Support and resistance:  1.0460 , 1.0665 , 1.0845 (main), 1.1065 , 1.1122, 1.1380 (main), 1.1533 , 1.1679

Short term trend: bullish (above 1.1065).

Medium term trend: Recovery Mode (1.0848 /1.1036).

 

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

  1. Eurogroup Meetings. Monday: All day.
  2. German Gross Domestic Product (GDP) q/q. Wednesday at 06:00
  3. Euro Zone Gross Domestic Product (GDP). Wednesday at 09:00
  4. U.S Core Retail Sales m/m. Wednesday at 12:30
  5. U.S Retail Sales m/m. Wednesday at 12:30
  6. U.S Producer Price Index (PPI) (Apr). Thursday at 12:30
  7. U.S Initial Jobless Claims. Thursday at 12:30
  8. U.S Michigan Consumer Sentiment (May). Friday at 14:00

*All Times Are GMT

Conclusion: In the medium term forecast, the pair is in recovery mode as long as (1.0848 /1.1036) support holds on a weekly closing basis, short term view remains on the upside above the 1.1065 levels, as a result, there’s a room for further upside gains, negative data for the EURUSD pair should be taken as an opportunity to buy the pair on dips.. In all, keep an eye on the news near support and resistance levels…

 

EURUSD Weekly Forecast May 11 2015

 

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