Today trader's eye is on tomorrow's economic event: German ZEW economic sentiment. In the daily chart, the pair is forming a wedge. We suppose a big fall has started that should go on for some time. 1.379 and 1.367 are the first two levels to break to confirm that the wedge has led to a trend reversal. In the weekly chart, the pair gave a breakdown from 11 months trading pattern. Last week's trading pattern gave a breakdown at the lower trend line shown in the below chart indicating a downside target at 1.3696 and 1.367.
In the daily chart, the RSI is indicating a breakdown for its current trend forming last 2 months. During Friday's session, the pair creates a huge bearish sign.
Bearish views-
In the weekly chart, the pair breaks and closes below the 10 months lower trend line.
In the daily chart, the pair breaks and closes below the 2 months lower trend line.
In the daily chart, the pair breaks and closes below the 50 day SMA.
Intraday-
The pair opened its Asia's trading session in a bullish mode for intraday and BTST purpose. The hourly momentum indicators give a pull back rally sign. As of now, the pair is opened in low strategy, we expect the pair will be pulled back to 1.3774, 1.38 and 1.3830 levels.
On the down side, the pair has supports at 1.3737, 1.37 and 1.3673 levels.
Recommendations- cmp 1.3760
Buy at cmp or safe traders can buy above 1.3762
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Forecast and intraday analysis of EUR/USD for May 12, 2014 . Thanks for your support on Forecast and intraday analysis of EUR/USD for May 12, 2014
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