EUR/USD intraday technical and fundamental review for April 25, 2013
April 25, 2013 4:00 pm
Technically, on the depicted chart the EUR/USD pair has confirmed a reversal Head and Shoulders pattern around 1.3190 which has its neck-line located around 1.3000. Confirmation took place on April 23, when the pair made obvious 4H closure below 1.3000 which was supported by S1 around 1.2970. It pushed the EUR/USD pair again above 1.3000. However, the pattern remains valid as long as the pair is fixed below R1 around 1.3130. Today the pair is meeting a minor supply located at 1.3025 which comes to meet 100-day SMA on the 4H chart. Hence, its breakdown will lead towards the next target level at S1 around 1.2970 directly. Supply Zones: R1 around 1.3130 and R2 around 1.3190. Demand Zones: S1 around 1.2970, S2 around 1.2930, and S3 around 1.2870. Fundamentally, the US dollar fell heavily during the Asian trading session held today, which is experiencing more commodities recovery. Gold rose again above the level of 1,440 which is an increase of greater than 9% from its record of decline at 1,321.5 during the last week. Also today the economic calendar witnessed decline in the number of claiming unemployment benefits in the United States more than expected last week, despite the rise recorded during last week, according to official data released earlier today.
The material has been provided by InstaForex Company – www.instaforex.com
Technically, on the depicted chart the EUR/USD pair has confirmed a reversal Head and Shoulders pattern around 1.3190 which has its neck-line located around 1.3000.
Confirmation took place on April 23, when the pair made obvious 4H closure below 1.3000 which was supported by S1 around 1.2970. It pushed the EUR/USD pair again above 1.3000. However, the pattern remains valid as long as the pair is fixed below R1 around 1.3130.
Today the pair is meeting a minor supply located at 1.3025 which comes to meet 100-day SMA on the 4H chart. Hence, its breakdown will lead towards the next target level at S1 around 1.2970 directly.
Supply Zones: R1 around 1.3130 and R2 around 1.3190.
Demand Zones: S1 around 1.2970, S2 around 1.2930, and S3 around 1.2870.
Fundamentally, the US dollar fell heavily during the Asian trading session held today, which is experiencing more commodities recovery.
Gold rose again above the level of 1,440 which is an increase of greater than 9% from its record of decline at 1,321.5 during the last week.
Also today the economic calendar witnessed decline in the number of claiming unemployment benefits in the United States more than expected last week, despite the rise recorded during last week, according to official data released earlier today.
The material has been provided by InstaForex Company – www.instaforex.com
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