Weekly forecast and intraday recommendations on EUR/USD for June 23-27, 2014 Trend News

Data ahead

French flash manufacturing PMI, Services PMI, German flash manufacturing PMI, Services PMI, flash manufacturing PMI, Services PMI, German prelim CPI m/m, French consumer spending m/m, Spanish splash CPI y/y.

Traders will eye today's series of economic events such as the French and German PMI. The pair has been trading in a range bound between 1.3677-1.35 levels. On the upside, if the pair breaches the inital weekly key resistance at 1.3677, it can spike up to 1.37 and 1.3735 levels, which are a strong resistance zone. The short-term reversal takes place once the pair breaches the 1.3735 level. Until that, the sell on the rally is the best strategy. On the down side, if the pair chopes the 1.35 levels, it can slip to 1.3477, 1.3460 and 1.3420 levels.

The short-term trend will change only after breaches above 1.3735 or below 1.3420 on a weekly closing basis.

Week June 23-27

S1 1.3580, S2 1.35, S3 1.3477.

R1 1.3643, R2 1.3677, R3 1.3735.

Intraday-

The pair is trading at 1.3609 levels in Asia's trading session. It has strong resistance at 1.3615, above that, it can fly up to 1.3640 and 1.3666 (200-day Sma). Speculators can enter buy side above 1.3615 for 1.3640. We can see a new trading range only if it breaches 1.3645 levels, otherwise again the pair will drive towards south to 1.3595, 1.3583 and 1.3560 levels. This week, it will turn bullish, if the pair closes a day above 1.3708 levels.

For an intraday basis, the support zone is at 1.3584 (40 H Dema), below this, 1.3560 is the immediate support zone. Today, sellers can gain only below 1.3560.

Recommendations- cmp 1.3603.

Safe trades- Sell below 1.3560 for targets 1.3535, 1.3510, 1.35.

Risky traders- sell on the rise with sl 1.3645.

Speculators- Buy above 1.3612 for target 1.3640.

The material has been provided by InstaForex Company - www.instaforex.com



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