EUR/USD intraday technical and fundamental review for June 14, 2013
June 14, 2013 2:15 pm
The downtrend extending from 1.3700 was broken when we had a daily closure above 1.3075 which opened the way towards 1.3106 and then 1.3250.
The price level around 1.3250 provided temporary resistance for the EUR/USD pair as it corresponds to the previous tops (including the May’s high). However, this week we had two successive bullish engulfing daily candlesticks with obvious breakthrough which ensured the bullish strength towards 1.3390.
Yesterday, the pair was trying to challenge 1.3400 which corresponds to backside of the depicted broken channel. The attempt to fixate above it will open the way towards the next level at 1.3480.
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.
The level of 1.3225 needs to be broken in order to initiate a retracement. Otherwise, fixation above it will bring more bullish strength to the market aimimg at 1.3370-1.3400 initially.
The outlook on the small time frames remains bullish and current slide below peak at 1.3390 is considered a corrective one unless 1.3225 gets broken-down.
European stock markets lost some of its gains by mid-day after weak employment data came, which confirmed that the Euro zone is still struggling on the issue of growth.
The material has been provided by InstaForex Company – www.instaforex.com
The downtrend extending from 1.3700 was broken when we had a daily closure above 1.3075 which opened the way towards 1.3106 and then 1.3250.
The price level around 1.3250 provided temporary resistance for the EUR/USD pair as it corresponds to the previous tops (including the May’s high). However, this week we had two successive bullish engulfing daily candlesticks with obvious breakthrough which ensured the bullish strength towards 1.3390.
Yesterday, the pair was trying to challenge 1.3400 which corresponds to backside of the depicted broken channel. The attempt to fixate above it will open the way towards the next level at 1.3480.
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.
The level of 1.3225 needs to be broken in order to initiate a retracement. Otherwise, fixation above it will bring more bullish strength to the market aimimg at 1.3370-1.3400 initially.
The outlook on the small time frames remains bullish and current slide below peak at 1.3390 is considered a corrective one unless 1.3225 gets broken-down.
European stock markets lost some of its gains by mid-day after weak employment data came, which confirmed that the Euro zone is still struggling on the issue of growth.
The material has been provided by InstaForex Company – www.instaforex.com
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