EUR/USD intraday technical levels and trading recommendations for October 3, 2013
October 3, 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 yesterday.
Monday’s daily candlestick was an inside-bar representing indecision of the market, then on Tuesday, 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.
Today, significant bullish momentum is witnessed after the emergence of the U.S. private sector employment report yesterday which came weaker than expected due to investors’ concern about the government to stop financing of non-core services for a period of more than prescribed.
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.
Bearish retracement movement is least expected to take place if 1.3590-1.3600 manages to pause the ongoing bullish momentum which is low probability now especially after witnessed recovery in services sector in the Euro zone released today.
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 yesterday.
Monday’s daily candlestick was an inside-bar representing indecision of the market, then on Tuesday, 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.
Today, significant bullish momentum is witnessed after the emergence of the U.S. private sector employment report yesterday which came weaker than expected due to investors’ concern about the government to stop financing of non-core services for a period of more than prescribed.
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.
Bearish retracement movement is least expected to take place if 1.3590-1.3600 manages to pause the ongoing bullish momentum which is low probability now especially after witnessed recovery in services sector in the Euro zone released today.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: