Short-term forecast and intraday recommendation on EUR/USD for October 06, 2014 The stronger US data pushed the Euro towards 1.25 levels against the US dollar. Now, as of today, the pair is holding parallel support at September 2012 lows. The pair has strong support at 1.2450, the 80.0 fib level in the monthly chart. In case if the pair breaks below the 80.0 fib level at 1.2450, the pair will extend its fall towards 1.2220. As per the long-term view, in case if the pair closes below 1.22 (the bottom of the triangle in the monthly chart), the pair can fall towards 1.2135, 1.20 and 1.1875. The pair has monthly resistance at 1.2760 levels (200Mema). Until the pair closes below 200Mema, the bears have an upper hand. Support 1.2500, 1.2450, 1.2220 Resistance 1.2660, 1.2715, 1.2760 For an intraday view, the prices are closed and trading below the hourly key moving averages 12ema and 34hrsma. Selling below 1.25 can mint money in todays session. In case if the pair breaks below 1.25, it will fall towards 1.2466 and 1.2450 levels. On the higher side, the resistance levels are at 1.2520 (4hour high), 1.2550 (8hour high) and 1.2567 35DEMA levels.
Posted on: Mon, 06 Oct 2014 09:22:52 +0000