EURUSD Weekly Outlook
Sunday, July 14, 2013
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This week Ben Bernanke will testify on the Semiannual Monetary Policy Report before the House Financial Services Committee, in Washington DC
Looking at the price action of EURUSD we can say that it wasn’t ready to break out from the consolidation pattern, which is actually a symmetrical triangle. The lower boundary is around 1.28 level while the upper one sits at 1.3360. The main axis, as it can be seen on the chart, is 1.3200. This level seems to be the equilibrium one.
If the price breaks above 1.32 we can expect for it to test the upper line of the triangle, while if it drops or remains under the pressure rises on the lower line of the pattern. This currency pair will remain sensible to the economic data published from the United States and will the volatility will increase during the speeches of Mario Draghi and Ben Bernanke.
My recommendation : Buy above 1.30 targeting 1.3250 and 1.3360 //stop below 1.2920
Ayman Khlifat on Twitter
Follow @aymankkhlifat
This week Ben Bernanke will testify on the Semiannual Monetary Policy Report before the House Financial Services Committee, in Washington DC
Looking at the price action of EURUSD we can say that it wasn’t ready to break out from the consolidation pattern, which is actually a symmetrical triangle. The lower boundary is around 1.28 level while the upper one sits at 1.3360. The main axis, as it can be seen on the chart, is 1.3200. This level seems to be the equilibrium one.
If the price breaks above 1.32 we can expect for it to test the upper line of the triangle, while if it drops or remains under the pressure rises on the lower line of the pattern. This currency pair will remain sensible to the economic data published from the United States and will the volatility will increase during the speeches of Mario Draghi and Ben Bernanke.
My recommendation : Buy above 1.30 targeting 1.3250 and 1.3360 //stop below 1.2920
Ayman Khlifat on Twitter
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