The Medium-Term Future of EUR/USD Trading

Today we look at the short to medium-term future of the most traded pair of EUR/USD and the Forex Trend is expected to take shape. 

Headline: EUR/USD is set to stay trading in the medium-term range around 1.2230.

The medium-term range of the EUR/USD pair is expected to trade at 1.2230 and a break below could lead to the pair reaching a low of around 1.2042 levels. 

Generally, we would expect to see some buying action around the price levels  of 1.2230, however a break below this could lead to further weakening and a drop to 1.2042 which is the low of 2012. 

Moreover, if EUR/USD breaks below 1.2042, predictions are set to a level of 1.1876 which is the June 2010 low.

Technical Analysis of the EUR/USD currency pair suggests that resistance is set to 1.2353 initially and then 1.2362. 

On the upside, a breakthrough of 1.2470 is required for the price action to return to levels of 1.2517 and potentially 1.2533 

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EUR/AUD trades at 1.531 levels, up 0.70% on the day

Today's Daily Forex Trend Report Focuses on the 9-month high of EUR/AUD 

What's Trending: EUR/AUD trades at 1.531 levels, up 0.70% on the day.

+ Headline: The single currency (Euro) advanced strongly against the Australian dollar after better data was released from the Euro zone yesterday that supported the Euro. 

Currently, the EUR/AUD trades at 1.531 levels, up 0.70% on the day. Since the start of December, the pair has risen from 1.46130 to today's high. EUR/AUD pair has gained largely due to sharp losses in the AUD/USD pair, which took the pair down to lowest levels since May 2010. The Euro is expected to remain supported against the Australian dollar due to no major economic releases during the European session.

Projection after Analysis: The pair has immediate resistance at 1.54 levels, above which gains could be extended to 1.5491 (Feb 2014) levels. Support is seen at 1.5243 (10-day SMA), below which it could extend losses to 1.5223.

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EUR/USD might experience big sell-off below 1.2370

What's Trending: EUR/USD might test 1.2370

EUR/USD might test 1.2370 levels today and a break below could see a big sell-off in the pair to around 1.23.

An effort to break above 1.24 levels was rejected today after hitting a high of 1.2414 levels, EUR/USD is now trading at around 1.2395.

Charts show that EUR/USD has fallen below the 38.2% retracement level of the uptrend on the hourly chart. The hourly RSI as well as the daily RSI are bearish and therefore, the pair could reach the levels of 1.2370, that is also the neckline support of the head and shoulder formation and the 50% retracement level of the uptrend on hourly charts. The sell-off could be magnified if EUR/USD breaks below 1.2370, and could lead to targets of 1.2340 and 1.23 levels.

In the event of a crossover in the range of 1.2382 and 1.2374 could lead to demand for the Euro and lead to an upside in the pair that will be capped at 1.2430-1.2440 levels.

What to Expect: EUR/USD might test 1.2370

Projection after Analysis: Breaks below 1.2370 could lead to targets of 1.2340 and 1.23 levels


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