Today Key economic data -
French Flash manufacturing Pmi
French Flash services Pmi
German Flash manufacturing Pmi
German Flash services Pmi
Ahead of these data, the euro looks very good. The pair moved to a 8-month low. It is stalling near the crucial short-term support levels at 1.3450 (20Hr low), 1.3425 (20 MSma and 200 WEma), 1.3395 (50 MSma). Tomorrow again the key data - German business climate and consumer climate - is due. In an extremely bearish situation, if the pair closes below 1.3395 within no time, we can see 1.33 and 1.32 levels in the near term.
In the daily chart, the daily RSI is indicating an oversold level, but in the h4 chart the hourly RSI is indicating an extremely oversold levels. On an intraweek basis, the pair is facing strong resistance at 40DEMA (1.3530 levels), above this, 1.3550, 1.3575 and 1.36 are the major resistance levels.
For the hourly trading, the pair is trading below the hourly moving averages.
Intraweek support 1.3450 1.3425 1.3395
Intraday resistance 1.3467 1.3496 1.3510
For an intraweek basis, we recommend to fresh selling only below 1.3395.
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 for EUR/USD for July 24-25, 2014 . Thanks for your support on Weekly forecast for EUR/USD for July 24-25, 2014
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