EUR/USD intraday technical levels and trading recommendations for December 13, 2013
December 16, 2013 5:15 am
The price zone of 1.3400-1.3460 represented a valuable supply zone that kept the price below for a few months. However, a significant bullish support was present around 1.3100 leading to a bullish breakout pattern.
According to 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 reach the next supply levels around 1.3650 then 1.3750 respectively.
Bearish rejection was witnessed this week around 1.3790 (141.4% Fibo Expansion). However, for the current bearish impulse, daily closure below 1.3750 is a must to pursue further targets around 1.3680 then 1.3650 where the lower limit of the ongoing bullish channel is located.
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 a few months. However, a significant bullish support was present around 1.3100 leading to a bullish breakout pattern.
According to 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 reach the next supply levels around 1.3650 then 1.3750 respectively.
Bearish rejection was witnessed this week around 1.3790 (141.4% Fibo Expansion). However, for the current bearish impulse, daily closure below 1.3750 is a must to pursue further targets around 1.3680 then 1.3650 where the lower limit of the ongoing bullish channel is located.
The material has been provided by InstaForex Company – www.instaforex.com
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