EUR/USD has been trading in a downtrend from the level of 1.3967. For the last six trading days, the pair has been testing the 40EMA support level at 1.37688. Currently it is trading at the level of 1.3782 in Asia's trading session. On the downside, if the pair breaks the level of 1.37687, it will fall to 1.3749, 1.3717, and 1.3643 immediately. The level of 1.3749 is the double bottom and 1.3717 (50SMA) is the strong levels for bulls. A move below the red line (50SMA) will provide more bear grip in further trading sessions. On the upside, if the pair trades above the level of 1.3808, it will fly up to 1.3847, 1.3876, and 1.3934. As we recommended earlier, fresh longs are only above the level of 1.396. To sell on rallies is the best strategy. In the daily and weekly charts, RSI favors sell side. The level of 1.3749 is the key level for further coming days.
Intraday
The pair has buying support at the levels between 1.378-1.3766-1.3749. We recommend for buyers to hold longs, until the pair holds above the level of 1.3749 for targets 1.3805, 1.382, and 1.3842. After a move below the level of 1.3749, you can enter shorts for targets 1.3708, 1.3643, and 1.3483.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of EUR/USD for March 27, 2014 . Thanks for your support on Technical analysis of EUR/USD for March 27, 2014
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