EUR/USD Pivot Point Forecast for the Week – Forex Trading Predictions

By Adriana Barnes on September 27, 2010, 9:32 pm

EUR/USD jumped to as high as 1.3494 last week and the break of 1.3330 resistance confirms that entire rally from 1.1875 has came back. Initial bias remains on the upside this week and further ascent needs to be seen in the direction of the next target of 100% projection of 1.1875 to 1.3330 from 1.2587 at 1.4024, which is close to 1.4 psychological level.

About the draw back, below 1.3286 support will suggest that a temporary top is created and bring consolidations. But draw back needs to be contained by 1.3018/3158 support zone and create rally resumption.

In the larger scenario, price actions from 1.6039 is usually a correction to long-term rally from 0.8223 and will have finished right down to 1.1875 by now. Short term perspective will continue bullish so long as 1.2587 support remains in tact and additional rally should be seen to higher trend line resistance (1.6039, 1.5143, now at 1.4600) next. Break there will aim ata brand new high above 1.6039.

In the long run picture, considering the long term up trend from the 2000 low of 0.8223 to the 2008 high of 1.6039, price actions from 1.6039 are viewed being a correction only. Hence, we would be expecting a different high above 1.6039 in due course, after adjustment from 1.6039 is confirmed to be finished.

 

Expected pivot point level for the week is 1.3370. Other significant and previous pivot points, resistance and support level to be monitored are 1.4865, 1.4675, 1.4420, 1.4090, 1.3840, 1.3600