EUR/USD Weekly Outlook for 25/11/2013 to 29/11/2013

FXOpen

After finding support at 1.3400 last week, EUR/USD pulled back sharply to close the weekend at 1.3550. In order to print fresh highs above 1.3831, the shared currency needs to give weekly closing above 1.3620. Here are some key support & resistance levels for the pair this week.

  • First Resistance: 1.3561 (50% Fibo level of recent move from 1.3831 to 1.3294)
  • Second Resistance: 1.3570-1.3575 Region (76.4% fibo level of last major move from 1.2753 to 1.3831 + trendline resistance on daily chart)
  • Third Resistance: 1.3622 (61.8% fibo level of 1.2753/1.3831)
  • First support: 1.3497 (38.2% fibo level of 1.3831/1.3294)
  • Second Support: 1.3416 (23.6% fibo level of 1.3831/1.3294 + 61.8% fibo level of 1.2753/3831 + Channel Support)
  • Third Support: 1.3294 (50% fibo level + 100% fibo level)

Any break below 1.3294 will trigger further losses towards 1.3200 and 1.3100 regions. At the time of writing, the spot is hovering around 1.3515 region. There is no divergence on MACD which means the ongoing bearish trend is likely to last during next few sessions. Shared currency may also find medium level support around 1.3477 region where 55 days Simple Moving Average is currently sitting in.

If we talk about fundamentals, we have following major European reports and events due this week.

  • GFK German consumer climate.
  • Spanish GDP.
  • German CPI data.
  • German employment data.
  • Euro zone’s Business climate and consumer confidence.
  • German retail sales figures.
  • Euro zone CPI data.
  • Euro zone employment data.

On the first day of week, in London session, the single currency is trading broadly lower due to bullish greenback after recent Iran deal; however, dollar may come under selling pressure as we proceed amid speculations on the timing of expected tapering by the US Federal Reserve. Similarly, speculations about ECB negative deposit rate may also engulf the shared currency this week.

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Stay ahead of the market!

Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.

forex

Forex Trading with FXOpen

Forex Trading with FXOpen

Experience ECN technology for deep liquidity and light-speed trade execution

  • Access over 50 markets
  • Trade with spreads from 0.0 pips
  • Take advantage of commissions from $1.50/lot
Learn more

Latest articles

Apple (AAPL) share price slips towards psychological $200 level
Shares

Apple (AAPL) share price slips towards psychological $200 level

Yesterday, Apple shares (AAPL) fell by 2.5%, edging closer to the key psychological threshold of $200. Moreover, the stock is underperforming the broader market, which reached new highs earlier this week — a move AAPL has yet to replicate.

Why

Bitcoin Hits All-Time High, Surges Above $110K
Cryptocurrencies

Bitcoin Hits All-Time High, Surges Above $110K

As shown on the BTC/USD chart, the Bitcoin price has broken above the $110K mark, setting a new all-time high around $111,800.

This move highlights the strength of the leading cryptocurrency, which has surged nearly 50% in just

The US Dollar May Revisit Year-to-Date Lows

The US Dollar May Revisit Year-to-Date Lows

Currency pairs such as USD/CAD and USD/JPY continue to trend lower, approaching their year-to-date lows. The decline in the dollar is largely driven by growing investor concerns over the fiscal sustainability of the United States and uncertainty surrounding

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.