EUR/USD intraday technical and fundamental review for June 10, 2013
June 10, 2013 8:45 am
The downtrend line extending from 1.3700 was broken when we had daily closure above 1.3075, this opened the way towards 1.3106 then 1.3250.
Price Levels around 1.3250 represent a strong resistance for the EUR/USD pair as it corresponds to previous tops (including the high of previous May).
Although the pair expressed bullish daily closure at 1.3244 on Thursday which is continuation signal, the precceeding movement is probably requiring some retracement towards 1.3110.
On Friday, the pair topped at 1.3287, then declined to 1.3190 not matching the positive money flow sentiment at around +15%, having a weekly closure at 1.3217.
A bullish breakout above 1.3100 opened the way towards 1.3250 directly.
The pair has a prominent support level at 1.3100 that was established last week at the depicted broken price range.
Price action should be watched at 1.3100 for a possible BUY entry with SL located below 1.3045.
Today’s fundamental focus is on France Industrial production, Italy GDP and Industrial production, at 6:45 and 8 GMT respectively.
The material has been provided by InstaForex Company – www.instaforex.com
The downtrend line extending from 1.3700 was broken when we had daily closure above 1.3075, this opened the way towards 1.3106 then 1.3250.
Price Levels around 1.3250 represent a strong resistance for the EUR/USD pair as it corresponds to previous tops (including the high of previous May).
Although the pair expressed bullish daily closure at 1.3244 on Thursday which is continuation signal, the precceeding movement is probably requiring some retracement towards 1.3110.
On Friday, the pair topped at 1.3287, then declined to 1.3190 not matching the positive money flow sentiment at around +15%, having a weekly closure at 1.3217.
A bullish breakout above 1.3100 opened the way towards 1.3250 directly.
The pair has a prominent support level at 1.3100 that was established last week at the depicted broken price range.
Price action should be watched at 1.3100 for a possible BUY entry with SL located below 1.3045.
Today’s fundamental focus is on France Industrial production, Italy GDP and Industrial production, at 6:45 and 8 GMT respectively.
The material has been provided by InstaForex Company – www.instaforex.com
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