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.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Weekly forecast and an intraday analysis of EUR/USD for August 04-08, 2014 . Thanks for your support on Weekly forecast and an intraday analysis of EUR/USD for August 04-08, 2014
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