EUR/USD intraday technical levels and trading recommendations for October 15, 2013
October 15, 2013 2:15 pm
Daily view:
Price Zone of 1.3530-1.3560 represented a valuable Supply zone that kept the price below for almost two months. The pair was showing some bearish rejection manifested in the Daily candlesticks of the previous weeks as well as seen on October 10, a bearish engulfing daily candlestick. However, lack of bearish follow-up was witnessed around 1.3480, which allowed the pair to go higher again towards 1.3566. During the last two week, significant bullish momentum was expressed after the emergence of the U.S. private sector employment report, which came weaker-than-expected due to investors’ concern about the government to stop financing non-core services for a longer period which allowed the pair to spike to a new high around 1.3646.
Bearish movement was taking place after Price Zone of 1.3590-1.3600 managed to pause the ongoing bullish momentum, despite the witnessed recovery in the services sector in the Euro zone, released last week. That is why the market was expressing hesitation manifested in Thursday’s daily candlestick. The price level of 1.3560 is the upper limit of the most recent congestion zone. That is why the price action should be watched now as persistence of the current breakdown and fixation below it will enable the pair to reach down to 1.3460 corresponding to the lower limit of the congestion zone, this was mentioned Yesterday and it’s about to take place now.
Price level of 1.3460 is a significant DEMAND level for the EUR/USD. That is why its breakdown will bring further bearish momentum into the market to push towards 1.3390 initially. Another probability that may happen, the pair returns to fixate above 1.3560, then it will probably push above 1.3600. Then, there is another bullish swing towards 1.3660-1.3700 supported by the fundamental situation in euro zone which showed high industrial production data more than expected in August enhancing growth prospects of economy in Euro zone.
The material has been provided by InstaForex Company – www.instaforex.com
Daily view:
Price Zone of 1.3530-1.3560 represented a valuable Supply zone that kept the price below for almost two months. The pair was showing some bearish rejection manifested in the Daily candlesticks of the previous weeks as well as seen on October 10, a bearish engulfing daily candlestick. However, lack of bearish follow-up was witnessed around 1.3480, which allowed the pair to go higher again towards 1.3566.
During the last two week, significant bullish momentum was expressed after the emergence of the U.S. private sector employment report, which came weaker-than-expected due to investors’ concern about the government to stop financing non-core services for a longer period which allowed the pair to spike to a new high around 1.3646.
Bearish movement was taking place after Price Zone of 1.3590-1.3600 managed to pause the ongoing bullish momentum, despite the witnessed recovery in the services sector in the Euro zone, released last week. That is why the market was expressing hesitation manifested in Thursday’s daily candlestick.
The price level of 1.3560 is the upper limit of the most recent congestion zone. That is why the price action should be watched now as persistence of the current breakdown and fixation below it will enable the pair to reach down to 1.3460 corresponding to the lower limit of the congestion zone, this was mentioned Yesterday and it’s about to take place now.
Price level of 1.3460 is a significant DEMAND level for the EUR/USD. That is why its breakdown will bring further bearish momentum into the market to push towards 1.3390 initially.
Another probability that may happen, the pair returns to fixate above 1.3560, then it will probably push above 1.3600. Then, there is another bullish swing towards 1.3660-1.3700 supported by the fundamental situation in euro zone which showed high industrial production data more than expected in August enhancing growth prospects of economy in Euro zone.
The material has been provided by InstaForex Company – www.instaforex.com
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