FX.co ★ Weekly forecast and an intraday analysis of EUR/USD for August 04-08, 2014

EUR/USD

Weekly view-

Today traders will watch Spanish unemployment change. The pair rebounded on Friday's session. The pair made a low at 1.3366 in last week's session. The pair got rejection at 40Dema, made a high at 1.3444 levels (exact high on July 29). We recommend to buy only above 1.3444 for 1.3480, 1.35 and 1.3550. On the down side, the pair has strong support at 1.3420 and 1.3366. On a closing basis, for two consecutive weeks the pair has managed well to close above the weekly 200Ema. This is a good sign for the short term trades. This week's closing will give a clear indication for the rest of the month either 1.37/1.3210.

Weekly basis (August 04-08)

Support 1.3420 1.3366 1.3295

Resistance 1.3444 1.3480 1.3550

Intraday cmp 1.3428

The pair is trading above the hourly moving averages and prices are closed above the 21HrSma and 34Hr Sma. The pair ahs been trading in a range between 1.3433-1.3421 for 7 hours. We are recommending to buy only above 1.3444 for an intraday targets at 1.3475, 1.3485 and 1.35 levels. On the down side, it has support levels at 1.34-1.3412 and 1.3380.

Key levels to watch for an hourly basis.

12ema and 21HrSma 1.34

34HrSma 1.3410

Resistance 1.3444 (12hr high, 1.3433 (7hr high)

Recommendation -cmp 1.3427

Buy only above 1.3444 for both intraday and positional.