EUR/USD intraday technical levels and trading recommendations for December 11, 2013
December 11, 2013 4:30 pm
The price zone of 1.3400-1.3460 represented a valuable supply zone that kept the price below for months. However, a significant bullish support was present around 1.3100 leading to a bullish breakout pattern.
According to the readings of the European Statistical Office disclosed three weeks ago, the European inflation was at 1.1% in September, in line with preliminary projections, while it settled at 1.3% in August. This constituted to the recent bullish jump that took place on October 22.
Previous daily candlesticks represented indecision around 1.3800 initiating a bearish retracement towards 1.3450 which failed to provide strong support, and then 1.3280 was tested shortly after.
Price zone of 1.3280 – 1.3300 provided strong demand for the pair pushing it higher above 1.3400 – 1.3450 (prominent technical levels). Persistence of the current bullish channel to push above 1.3450 level allowed the pair to bypass supply level around 1.3670 and even further above 1.3740.
Price action should be watched around 1.3780 -1.3800. This zone may constitute a confluence of resistance for the EUR/USD pair as it corresponds also to the upper limit of the ongoing bullish channel depicted on the chart.
SMA 100 located around 1.3510-1.3550 has been providing signficant support for the pair, pushing the pair higher again towards 1.3670 then 1.3740 as well.
Price level of 1.3780 corresponds to a prominent high established on October 25. That’s why a 4H rejection will enhance the bearish retracement possibility.
Based on the market analysis, there may be a valid sell entry around 1.3780 with SL located above 1.3850. However, bearish price action should be confirmed as the current bullish impulse is quite strong.
The material has been provided by InstaForex Company – www.instaforex.com
The price zone of 1.3400-1.3460 represented a valuable supply zone that kept the price below for months. However, a significant bullish support was present around 1.3100 leading to a bullish breakout pattern.
According to the readings of the European Statistical Office disclosed three weeks ago, the European inflation was at 1.1% in September, in line with preliminary projections, while it settled at 1.3% in August. This constituted to the recent bullish jump that took place on October 22.
Previous daily candlesticks represented indecision around 1.3800 initiating a bearish retracement towards 1.3450 which failed to provide strong support, and then 1.3280 was tested shortly after.
Price zone of 1.3280 – 1.3300 provided strong demand for the pair pushing it higher above 1.3400 – 1.3450 (prominent technical levels). Persistence of the current bullish channel to push above 1.3450 level allowed the pair to bypass supply level around 1.3670 and even further above 1.3740.
Price action should be watched around 1.3780 -1.3800. This zone may constitute a confluence of resistance for the EUR/USD pair as it corresponds also to the upper limit of the ongoing bullish channel depicted on the chart.
SMA 100 located around 1.3510-1.3550 has been providing signficant support for the pair, pushing the pair higher again towards 1.3670 then 1.3740 as well.
Price level of 1.3780 corresponds to a prominent high established on October 25. That’s why a 4H rejection will enhance the bearish retracement possibility.
Based on the market analysis, there may be a valid sell entry around 1.3780 with SL located above 1.3850. However, bearish price action should be confirmed as the current bullish impulse is quite strong.
The material has been provided by InstaForex Company – www.instaforex.com
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