EUR USD NEXT WEEK

EUR USD NEXT WEEK

15 November 2014, 12:29
Daniele Oliva
0
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https://charts.mql5.com/6/232/eurusd-h4-hf-markets-europe-2.png

EUR USD next week.

Friday, November 14th the EUR USD after touching a low of 1.2399 rebounded strongly to reach a level of 1.2546.

The technical approach remains negative although the rebound goes up to 1.28 and 1.29. However, the fundamental scenario should be in favor of the dollar.

Inflation in Europe depressed, weak readings of PIL in Euro area while in America goes up the consumer confidence.

Technically, the weekly chart has maintained its downward trend and the RSI is at the lower end of the range 30-70 indicating that sellers are still there ...

Resistance is found at 1.2560/80 area and the recent rebound has dumped oscillators that now no longer in oversold zone.

We believe that next week for the EUR is difficult to push over 1.2680 against the dollar and the area is 1.24 will be the first support. Area of 1.2350 will monitor carefully for the continuation of the downward towards 1.23 area.

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