EUR/USD Intraday technical levels and trade recommendations for July 8, 2013
July 8, 2013 2:13 pm
On Friday, the EUR/USD pair expressed quite significant bearish weekly closure at 1.2830 after hiting the previously mentioned demand zone extending between 1.2750-1.2820.
This demand zone corresponds to a previous low established in May as well as another buttom established in March.
It’s expected for the pair to gain some recovery off this support zone which will probably push towards 1.3000 for further testing before resuming the ongoing bearish momentum.
It’s important to note that the pair broke-down an uptrend line that was established on July 2012, this ensures the long-term bearish view for the pair.
Price action should be watched around 1.2750-1.2820 for signs of bullish reversal in order to benefit from this expected correction move towards 1.3000 with SL as 4H closure below 1.2750
Fundamentally, the EUR/USD pair remains under selling pressure as there’s deterioration of investor confidence in the euro zone in July unexpectedly, where concerns still affect the economy of the region regarding investor confidence.
The material has been provided by InstaForex Company – www.instaforex.com
On Friday, the EUR/USD pair expressed quite significant bearish weekly closure at 1.2830 after hiting the previously mentioned demand zone extending between 1.2750-1.2820.
This demand zone corresponds to a previous low established in May as well as another buttom established in March.
It’s expected for the pair to gain some recovery off this support zone which will probably push towards 1.3000 for further testing before resuming the ongoing bearish momentum.
It’s important to note that the pair broke-down an uptrend line that was established on July 2012, this ensures the long-term bearish view for the pair.
Price action should be watched around 1.2750-1.2820 for signs of bullish reversal in order to benefit from this expected correction move towards 1.3000 with SL as 4H closure below 1.2750
Fundamentally, the EUR/USD pair remains under selling pressure as there’s deterioration of investor confidence in the euro zone in July unexpectedly, where concerns still affect the economy of the region regarding investor confidence.
The material has been provided by InstaForex Company – www.instaforex.com
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