EUR/USD intraday technical and fundamental review for May 7, 2013
May 7, 2013 1:45 pm
The EUR/USD pair has been trading within the consolidation range between 1.2950 and recent high at 1.3240.
The consolidation of 1.2950 and continuation to trade above, enhances the bullish bias for the pair towards 1.3240 and the possibility to extend to 1.3340-1.3400 levels before returning again to resume bearish movement.
The lower limit of the depicted movement channel with the 100-day SMA is providing support for the pair today.
Backside of the broken bearish channel, 100-day SMA and the lower limit of the depicted bullish channel around 1.3030-1.3050 express quite strong bullish rejection to be targeting at 1.3240.
For the short term, the view is neutral with the possibility to take advantage of reversals at the upper and lower limits of this range until breakout takes place.
For the medium term, Price Levels 1.3340-1.3400 are suggested to be watched for good SELL entries with targets at 1.2750.
Breakdown of 1.3030 threatens the current bullish view. Moreover, breakdown of 1.2950 cancels the whole bullish view at the moment.
The material has been provided by InstaForex Company – www.instaforex.com
The EUR/USD pair has been trading within the consolidation range between 1.2950 and recent high at 1.3240.
The consolidation of 1.2950 and continuation to trade above, enhances the bullish bias for the pair towards 1.3240 and the possibility to extend to 1.3340-1.3400 levels before returning again to resume bearish movement.
The lower limit of the depicted movement channel with the 100-day SMA is providing support for the pair today.
Backside of the broken bearish channel, 100-day SMA and the lower limit of the depicted bullish channel around 1.3030-1.3050 express quite strong bullish rejection to be targeting at 1.3240.
For the short term, the view is neutral with the possibility to take advantage of reversals at the upper and lower limits of this range until breakout takes place.
For the medium term, Price Levels 1.3340-1.3400 are suggested to be watched for good SELL entries with targets at 1.2750.
Breakdown of 1.3030 threatens the current bullish view. Moreover, breakdown of 1.2950 cancels the whole bullish view at the moment.
The material has been provided by InstaForex Company – www.instaforex.com
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