EUR/USD Intraday technical levels and trade recommendations for June 27, 2013.
June 27, 2013 2:00 pm
On Monday, the EUR/USD pair expressed quite weak bullish movement corresponding to the usual sluggish movement of Monday trading sessions which was followed by bearish rejection that took place during the past three days.
The nearest demand zone is located around 1.2970-1.2950 which corresponds to uptrend line and a previous consolidation zone established in May.
In the short term, the pair remains bullish in the short-term as long as 1.2950 holds price above. Breakdown of 1.3000-1.2950 allows further bearish movement to take place towards 1.2750 initially.
This bullish recovery witnessed on Monday was subjected to bearish pressure from resistance 1.3150 (previous bottom and SMA 100 on the 4H chart) that pushed the pair further below 1.3050.
The pair is approached but didn’t quite reach the depicted uptrend line which comes to meet the pair around 1.2960 roughly.
Bullish Recovery is expressed around 1.2985 which has its first target located at 1.3050.
Trading recommendations:
Watch price action around 1.3000-1.2950 for a valid BUY entry with SL located just below 1.2950, while 1st target should be located at 1.3140
The material has been provided by InstaForex Company – www.instaforex.com
On Monday, the EUR/USD pair expressed quite weak bullish movement corresponding to the usual sluggish movement of Monday trading sessions which was followed by bearish rejection that took place during the past three days.
The nearest demand zone is located around 1.2970-1.2950 which corresponds to uptrend line and a previous consolidation zone established in May.
In the short term, the pair remains bullish in the short-term as long as 1.2950 holds price above. Breakdown of 1.3000-1.2950 allows further bearish movement to take place towards 1.2750 initially.
This bullish recovery witnessed on Monday was subjected to bearish pressure from resistance 1.3150 (previous bottom and SMA 100 on the 4H chart) that pushed the pair further below 1.3050.
The pair is approached but didn’t quite reach the depicted uptrend line which comes to meet the pair around 1.2960 roughly.
Bullish Recovery is expressed around 1.2985 which has its first target located at 1.3050.
Trading recommendations:
Watch price action around 1.3000-1.2950 for a valid BUY entry with SL located just below 1.2950, while 1st target should be located at 1.3140
The material has been provided by InstaForex Company – www.instaforex.com
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