FX.co ★ Weekly forecast and an intraday analysis of EUR/USD for July 08-11, 2014

EUR/USD

Weekly forecast - The pair has been in the uptrend from 1.35 levels. The pair faced a strong resistance level at the 1.37 levels. The bulls are back on track only above the 1.37 level. The trading pattern is framed between 1.3574-1.37 levels for the week July 07-11. If the pair managed to breach the upside monthly resistance, we can see some more upside up to 1.3720 (20 weeks Sma) and 1.3775 levels. If the pair hits the support 1.3574, it can drift up to 1.35, 1.3487, 1.3477,1.3420. We can see a huge spike only above 1.37 levels. So, traders please keep an eye on 1.37 monthly resistance.

Intraday- cmp 1.3608

The pair opened its session with a mild bullish note opened lower at 1.3604 holding the support at 20-Days Sma. Once it breaks below this, we can see some weakness up to 1.3575 levels. The pair was unable to breach the 21 hr Sma at 1.3610. On the upside, traders can buy above 1.3610 for an intraday targets 1.3620, 1.3635, and 1.3665 levels. Fresh buy only above 1.37 levels. We can find support at 1.36 (12 hr lows) break below this 1.3590, 1.3585 and 1.3575 is the nearest supports.

Intraday - Buy above 1.3620 , safe traders buy above 1.3635