EUR/USD intraday technical levels and trade recommendations for July 9, 2013.
July 10, 2013 6:58 am
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 March as well as another buttom established in May which is being breached today.
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 1.2820 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, European stock markets rose for the second day in a row during the trading day of Tuesday after Euro zone finance ministers approved the disbursement of financial aid Greek as well as the results of the company profits “Alcoa” which came in better than expected, which has raised cautious optimism about the EUR earnings.
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 March as well as another buttom established in May which is being breached today.
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 1.2820 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, European stock markets rose for the second day in a row during the trading day of Tuesday after Euro zone finance ministers approved the disbursement of financial aid Greek as well as the results of the company profits “Alcoa” which came in better than expected, which has raised cautious optimism about the EUR earnings.
The material has been provided by InstaForex Company – www.instaforex.com
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