EUR/USD intraday technical levels and trade recommendations for July 3, 2013
July 3, 2013 1:15 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 last 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 which expressed significant price action that lead to bearish engulfing daily candlestick witnessed Yesterday.
Now we have obvious daily closure below the key-level of 1.3000 which puts further bearish pressure on the market.
The price area 1.2950-1.2930 being tested today may provide temporary support for the pair. Hence, we have to watch price action carefully there.
On the 4H chart, we can see the importance of 1.3000 level as it corresponded to the lower limit of the depicted consolidation triangle.
Also we can see the pair fixated below previous demand zone 1.3050-1.3100, now acting as supply one.
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 retail sales in the euro zone rose above expectations during the month of May, to achieve a rise for the first time in four months, as reported by the official data released today.
Suggested trades:
At price level 1.3020-1.3070, a valid SELL deal can be taken with TP at 1.2930 while SL should be daily closure above 1.3100.
A counter-trend BUY entry may be taken at 1.2925 with SL as 4H closure below 1.2915 while TP should be located at 1.3070-1.3100.
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 last 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 which expressed significant price action that lead to bearish engulfing daily candlestick witnessed Yesterday.
Now we have obvious daily closure below the key-level of 1.3000 which puts further bearish pressure on the market.
The price area 1.2950-1.2930 being tested today may provide temporary support for the pair. Hence, we have to watch price action carefully there.
On the 4H chart, we can see the importance of 1.3000 level as it corresponded to the lower limit of the depicted consolidation triangle.
Also we can see the pair fixated below previous demand zone 1.3050-1.3100, now acting as supply one.
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 retail sales in the euro zone rose above expectations during the month of May, to achieve a rise for the first time in four months, as reported by the official data released today.
Suggested trades:
At price level 1.3020-1.3070, a valid SELL deal can be taken with TP at 1.2930 while SL should be daily closure above 1.3100.
A counter-trend BUY entry may be taken at 1.2925 with SL as 4H closure below 1.2915 while TP should be located at 1.3070-1.3100.
The material has been provided by InstaForex Company – www.instaforex.com
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