EUR/USD intraday technical levels and trading recommendations for October 2, 2013
October 2, 2013 4:30 pm
Daily view:
Price Zone 1.3515-1.3560 represents a valuable Supply zone that kept price below for almost two months. The pair was showing some bearish rejection manifested in the Daily candlesticks of previous week as well as yesterday’s bearish inverted hammer daily candlestick. However, lack of bearish follow-up was witnessed this week when the pair spiked to a new high around 1.3607.
Monday’s daily candlestick was an inside-bar representing indecision of the market, then Yesterday we had a false bullish breakout (after US shutdown news) until the US manufacturing sector showed slight improvement in yesterday’s data release which brought the market to close at 1.3525.
Looking at the daily candlestick of Friday which is similar to yesterday’s one, the bulls reached 1.3565 then failed to stabilize there. Instead, daily closure took place at 1.3520 rendering price level 1.3565 a valuable supply level to be watched.
Today, significant bullish momentum is witnessed after the emergence of the U.S. private sector employment report which is weaker than expected due to investors’ concern about the government to stop financing of non-core services for a period of more than prescribed.
Bearish retracement movement is still expected to take place if 1.3590-1.3600 manages to pause the ongoing bullish momentum.
Another probability that may happen if the pair expresses daily closure above 1.3590; there is another bullish swing towards 1.3660-1.3700 supported by the fundamental situation of USD.
The material has been provided by InstaForex Company – www.instaforex.com
Daily view:
Price Zone 1.3515-1.3560 represents a valuable Supply zone that kept price below for almost two months. The pair was showing some bearish rejection manifested in the Daily candlesticks of previous week as well as yesterday’s bearish inverted hammer daily candlestick. However, lack of bearish follow-up was witnessed this week when the pair spiked to a new high around 1.3607.
Monday’s daily candlestick was an inside-bar representing indecision of the market, then Yesterday we had a false bullish breakout (after US shutdown news) until the US manufacturing sector showed slight improvement in yesterday’s data release which brought the market to close at 1.3525.
Looking at the daily candlestick of Friday which is similar to yesterday’s one, the bulls reached 1.3565 then failed to stabilize there. Instead, daily closure took place at 1.3520 rendering price level 1.3565 a valuable supply level to be watched.
Today, significant bullish momentum is witnessed after the emergence of the U.S. private sector employment report which is weaker than expected due to investors’ concern about the government to stop financing of non-core services for a period of more than prescribed.
Bearish retracement movement is still expected to take place if 1.3590-1.3600 manages to pause the ongoing bullish momentum.
Another probability that may happen if the pair expresses daily closure above 1.3590; there is another bullish swing towards 1.3660-1.3700 supported by the fundamental situation of USD.
The material has been provided by InstaForex Company – www.instaforex.com
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