FX.co ★ Weekly forecast and intraday analysis of EUR/USD for July 02-04, 2014

EUR/USD

Traders are waiting for the ECB's monetary policy meeting on Thursday. In the EUR/USD pair, the weak component is the US dollar because of the Fed's actions. There are also non-farm payrolls that can affect the dollar. As we recommended earlier for the target of 1.37, it exactly reached the high at the level of 1.3700. If the pair manages to breach the 1.37 level, we are likely to see 1.3735, 1.3750 and 1.3775 levels this week.

The pair has strong support at 1.34 (50 Months Sma). A break below 1.34 could lead to large correction. Until the pair holds the 1.34 level, we can see another up move .

Intraday: cmp 1.3680

The pair is trading at 1.3680 in Asia's session. It has support at 1.3675 levels. Below it, we can see some weakness up to 1.3660 and 1.3640 levels. Meanwhile, we can see a selling pressure up to 1.3610, 1.36, 1.3585 and 1.3575 levels below the level of 1.3640 .

Sell below 1.3640

Buy above 1.37 targets 1.3735, 1.3750, 1.3775 and 1.38 levels.

1.3677-1.3503= 174 pips

174 pips+1.3646= 1.3820 levels.

The above view is valid with sl 1.3640 levels.