EUR/USD intraday technical levels and trading recommendations for July 23, 2013
July 23, 2013 2:45 pm
Consolidation above the previously broken uptrend line goes on this week too after the pair established a consolidation range between 1.3060 and 1.3180.
The weekly candlestick came bullish for the 2nd week in a row closing at 1.3140 after the pair found strong demand at 1.3060-1.3075 corresponding to SMA 100 and the lower limit of congestion zone.
The next supply zone is located around 1.3230 (previous top established in May) where price action should be watched especially after the EUR pair expressed daily closure above 1.3180 yesterday.
The congestion zone is more obvious on the 4H chart where a bullish trial to step above the upper limit 1.3180 is taking place today.
The EURO pair is not expressing strong bullish steam after bullish breakout took place yesterday which renders bullish domination doubtfull. However, success to consolidate above 1.3180 will push the pair towards projection target roughly located at 1.3277.
Intraday demand zone is located around 1.3125 which corresponds to mid-range support.
The material has been provided by InstaForex Company – www.instaforex.com
Consolidation above the previously broken uptrend line goes on this week too after the pair established a consolidation range between 1.3060 and 1.3180.
The weekly candlestick came bullish for the 2nd week in a row closing at 1.3140 after the pair found strong demand at 1.3060-1.3075 corresponding to SMA 100 and the lower limit of congestion zone.
The next supply zone is located around 1.3230 (previous top established in May) where price action should be watched especially after the EUR pair expressed daily closure above 1.3180 yesterday.
The congestion zone is more obvious on the 4H chart where a bullish trial to step above the upper limit 1.3180 is taking place today.
The EURO pair is not expressing strong bullish steam after bullish breakout took place yesterday which renders bullish domination doubtfull. However, success to consolidate above 1.3180 will push the pair towards projection target roughly located at 1.3277.
Intraday demand zone is located around 1.3125 which corresponds to mid-range support.
The material has been provided by InstaForex Company – www.instaforex.com
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