EUR/USD intraday technical and fundamental review for June 17, 2013
June 17, 2013 12:45 pm
Eurodollar succeeded in stabilizing above resistance 1.3240, followed by 1.3300 breakthrough that took place last week, which keeps the upside movement favoured to target 1.3600 levels (target of 123 pattern) reflex broken last Tuesday,
Prominent supply zone is located around 1.3425 and is expected to be the target price for the current bullish wave then the pair may have a short downward correction move to re-test the area that turned into support now 1.3240-1.3300 before further bullish movement.
The trend remains bullish for the short run as long as the pair trades above 1.3180, just in case of its breakdown, another scenario may begin targeting 1.3050-1.3000.
The vision on 4H chart is also positive for the short term towards the 1.3425-1.3450 initially in the context of the expected bullish movement towards 1.3600. This scenario remains firmly based on not losing 1.3180 as a demand zone.
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.
Price action should be watched around 1.3240-1.3300 as it may provide a valid BUY entry.
The material has been provided by InstaForex Company – www.instaforex.com
Eurodollar succeeded in stabilizing above resistance 1.3240, followed by 1.3300 breakthrough that took place last week, which keeps the upside movement favoured to target 1.3600 levels (target of 123 pattern) reflex broken last Tuesday,
Prominent supply zone is located around 1.3425 and is expected to be the target price for the current bullish wave then the pair may have a short downward correction move to re-test the area that turned into support now 1.3240-1.3300 before further bullish movement.
The trend remains bullish for the short run as long as the pair trades above 1.3180, just in case of its breakdown, another scenario may begin targeting 1.3050-1.3000.
The vision on 4H chart is also positive for the short term towards the 1.3425-1.3450 initially in the context of the expected bullish movement towards 1.3600.
This scenario remains firmly based on not losing 1.3180 as a demand zone.
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.
Price action should be watched around 1.3240-1.3300 as it may provide a valid BUY entry.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: