EUR/USD intraday technical levels and trade recommendations for July 2, 2013.
July 2, 2013 2:30 pm
The EUR/USD pair reached demand zone around 1.3000 after the significant decline witnessed at retesting of 1.3400 ( downtrend line ) which took place on June 19.
On Friday, the pair expressed significant price action, as the pair expressed false breakout above high of Thursday’s daily candlestick which enhances the bearish pressure further below 1.3000 where support levels are located at 1.2950-1.2930.
The most prominent supply zones are located around 1.3070 then 1.3100.
Level of 1.3000 represents the key-level for the short-term movement as daily closure below which opens the way down to 1.2800.
On the 4H chart, we can see the importance of 1.3000 level as it corresponds to a short-term uptrend line initiated on June 20.
Also we can see the pair fixated below previous demand zone 1.3050-1.3100, now acting as supply one, Yesterday, the pair tested this zone when significant bearish price action was ex[ressed allowing for a short-term SELL trade as expected .
The breakdown below the depicted uptrend line also represents bearish breakout off the current consolidation range ( 1.2985 – 1.3090 ) opens the way down to 1.2890 as a projection target then possibly 1.2850.
Fundamentally, the eurozone’s Producer Price Index fell for the third month in a row, according to official data released today.
Suggested trades:
Buy deals suggested last week remain valid until the pair gives daily closure below 1.3000, while profits should be taken at testing 1.3070 to offside some risk.
At price level 1.3070, a valid SELL deal could have been taken yesterday as suggested with TP at 1.2930 while SL should be daily closure above 1.3100.
The material has been provided by InstaForex Company – www.instaforex.com
The EUR/USD pair reached demand zone around 1.3000 after the significant decline witnessed at retesting of 1.3400 ( downtrend line ) which took place on June 19.
On Friday, the pair expressed significant price action, as the pair expressed false breakout above high of Thursday’s daily candlestick which enhances the bearish pressure further below 1.3000 where support levels are located at 1.2950-1.2930.
The most prominent supply zones are located around 1.3070 then 1.3100.
Level of 1.3000 represents the key-level for the short-term movement as daily closure below which opens the way down to 1.2800.
On the 4H chart, we can see the importance of 1.3000 level as it corresponds to a short-term uptrend line initiated on June 20.
Also we can see the pair fixated below previous demand zone 1.3050-1.3100, now acting as supply one, Yesterday, the pair tested this zone when significant bearish price action was ex[ressed allowing for a short-term SELL trade as expected .
The breakdown below the depicted uptrend line also represents bearish breakout off the current consolidation range ( 1.2985 – 1.3090 ) opens the way down to 1.2890 as a projection target then possibly 1.2850.
Fundamentally, the eurozone’s Producer Price Index fell for the third month in a row, according to official data released today.
Suggested trades:
Buy deals suggested last week remain valid until the pair gives daily closure below 1.3000, while profits should be taken at testing 1.3070 to offside some risk.
At price level 1.3070, a valid SELL deal could have been taken yesterday as suggested with TP at 1.2930 while SL should be daily closure above 1.3100.
The material has been provided by InstaForex Company – www.instaforex.com
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