EUR/USD intraday technical and fundamental review for May 30, 2013
May 30, 2013 11:15 am
We talked about consolidation of the pair within the price range 1.2970 -1.3240 and the importance of breakout off this zone for the liberation of the pair which already took place on May 10. However, the EUR/USD pair is still trapped in a larger consolidation range between 1.2745 (2013 low) the 1.3240 (April high).
Despite the intraday positivity and failure to consolidate below the key ascending trendline around 1.2835, the pair is still trying to fixate above 1.2980-1.3000, we need to see the EUR/USD pair stable below this up-trendline in order to pursue the bearish momentum.
The “Double-Top” pattern on the daily chart is still valid after breakdown of support zone around 1.2970 which has its final target at 1.2680.
The EURUSD pair failed to continue its bearish prssure yesterday and has reached 1.2984 earlier today.
Looking at the 4H chart, the EUR/USD pair is trading within a triangle pattern. Hence, we should look for a breakout opportunity to either sides.
Price has been moving sideways without clear direction and momentum this week.
Breakthrough of the upper limit 1.2980-1.3000 (confluence of supply zones) will activate the bullish breakout scenario opening up the way towards 1.3150 then 1.3190 (May 8). This is probably taking place today.
4H closure of the current candlestick above 1.2980 ensures the bullish momentum of the market today. Otherwise, strong bearish reversal may occur.
Breakdown of 1.2850-1.2800 (uptrendline and the lower limit of the current triangle) will resume the bearish scenario mentioned above with the daily double top towards 1.2680.
The material has been provided by InstaForex Company – www.instaforex.com
We talked about consolidation of the pair within the price range 1.2970 -1.3240 and the importance of breakout off this zone for the liberation of the pair which already took place on May 10. However, the EUR/USD pair is still trapped in a larger consolidation range between 1.2745 (2013 low) the 1.3240 (April high).
Despite the intraday positivity and failure to consolidate below the key ascending trendline around 1.2835, the pair is still trying to fixate above 1.2980-1.3000, we need to see the EUR/USD pair stable below this up-trendline in order to pursue the bearish momentum.
The “Double-Top” pattern on the daily chart is still valid after breakdown of support zone around 1.2970 which has its final target at 1.2680.
The EURUSD pair failed to continue its bearish prssure yesterday and has reached 1.2984 earlier today.
Looking at the 4H chart, the EUR/USD pair is trading within a triangle pattern. Hence, we should look for a breakout opportunity to either sides.
Price has been moving sideways without clear direction and momentum this week.
Breakthrough of the upper limit 1.2980-1.3000 (confluence of supply zones) will activate the bullish breakout scenario opening up the way towards 1.3150 then 1.3190 (May 8). This is probably taking place today.
4H closure of the current candlestick above 1.2980 ensures the bullish momentum of the market today. Otherwise, strong bearish reversal may occur.
Breakdown of 1.2850-1.2800 (uptrendline and the lower limit of the current triangle) will resume the bearish scenario mentioned above with the daily double top towards 1.2680.
The material has been provided by InstaForex Company – www.instaforex.com
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