Technical view-
The pair has been trading in an uptrend from 1.3673 levels. It is facing selling pressure at higher levels. In Asia's trading session, the pair is trading at 1.3860 levels and trading below the descending trend line in the daily chart. Currently, it is trading between 1.3840-1.3880 levels, either side breakout will give a clear picture for today's trading pattern. On the up side, the pair has strong resistance at 1.3906. Safe traders can buy above 1.3906 for targets at 1.3950, 1.3964 and 1.40 levels. On the down side, if the pair breaks the 1.3840 level, it will drift up to 1.3812 and 1.3785 levels on an intraday basis.
Trading below 1.38 levels signs weakness in coming sessions. On the down side, the pair has strong support at 1.38 levels (50SMA in the daily chart), a break below this, 1.3785 is the immediate minor support. A day close below the 50SMA level, bulls will completely lose the grip for this week and bears will take up to 1.3785, 1.3737, 1.37, 1.3670 and 1.3643 levels. For the last couple of weeks, the pair is trading in a triangle. If the pair crosses the descending trend line (daily chart), it provides a fresh buy call for the rest of the week. We expect the pair to move to higher levels, until it trades above the 1.38 level.
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 April 29, 2014 . Thanks for your support on Technical analysis of EUR/USD for April 29, 2014
No comments:
Post a Comment