Hi,

Please find below my chart analysis on DAILY and WEEKLY time frames.

Based on DAILY and WEEKLY time frames, we see that relatively strong buying interest came into the market 30 pips from above a weekly demand area seen at 1.0519-1.0798. If the buyers remain in control here, we might see more volatility near weekly swap level coming in at 1.1051. Price broke above and retested 1.0900 during the course of last week’s session. The retest was confirmed with two healthy buying zones seen at 1.0875 and 1.0865, which as you can see pushed this pair up to just below a daily supply area seen at 1.1006-1.0976.

Chart #1: EURUSD DAILY


Chart #2: EURUSD WEEKLY



My DAILY and WEEKLY analysis corroborates with findings on monthly time frame as shown below.

Based on momentum indicator readings on MONTHLY time frame, I have inferred that -

- EURUSD has BEARISH BIAS from RSI(14) reading of 29.118

- EURUSD has BEARISH BIAS from STOCH(9,6) reading of 24.448

- EURUSD is OVERSOLD from STOCHRSI(14) reading of 21.400

- EURUSD has BEARISH BIAS from MACD(12,26) reading of -0.062

- EURUSD has BEARISH BIAS from ADX(14) reading of 54.085

- EURUSD is OVERSOLD from Williams %R reading of -84.926

- EURUSD has BEARISH BIAS from CCI(14) reading of -109.5934

- EURUSD has High Volatility from ATR(14) reading of 0.0482

Monthly Camarilla pivots exist at 1.1018 (S3), 1.1087 (S2), 1.1155 (S1), 1.1004 (Central Pivot), 1.1293 (R1), 1.1361 (R2) and 1.1430 (R3).Since downtrend has been prolonged, the pivots are edged lower.

Now, let me explain the rationale for choosing 1.107 price level.

1.107 is just above Central Pivot of Monthly Camarilla pivots at a distance of 70 pips (mean std deviation distance) which makes it a good price level for TA prediction. 1.107 is also 200 pips away from 23.6% fib level identified on WEEKLY.

My TA prediction is that EURUSD will be at 1.107 on 1/July/2015.

Thanks for reading my TA analysis.
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