EUR/USD
The US dollar continued its rally due to Federal Chairwoman Yellen testimony. The EUR/USD pair continues sliding to the previous swing low at 1.35 levels. A break below 1.35 will trigger many sl and we can see a panic situation with an intermediate support at 1.3477 levels. On the down side, the pair has strong support at 1.35, 1.3477 and 1.3420 (weekly 200S/Ema). On the upside, it has strong resistance at 1.37 (monthly resistance). As we recommended earlier (to sell at 1.3646 with a target at 1.3525), yesterday it was completed. The pair made a low at 1.3520 levels.
Support: 1.35, 1.3477, 1.3420/1.34.
Resistance: 1.3651, 1.37.
A free fall mode will trigger below 1.34 (50MSma) for a downside target at 1.3220 levels. The weekly and monthly momentum oscillators are indicating a sell mode. So, the short-term outlook favors bears until it breaches the 1.37 levels. The pair is trying to hold the weekly support trend line, if it breaches, it can damage more in next few weeks.
The hourly momentum oscillators are indicating an oversold level, expecting the previous support to hold for a while between 1.3520-1.35 levels. The pair has strong resistance at 1.3560 and 1.3575 levels. Until the pair trades below the following levels, bears will mint the money.
35 DEma 1.3560.
Hourly trend reversal 1.3575.
34 HSma 1.3597.
21 HSma 1.3584.
Wait for an up move and sell again, below 1.35 more weaknesses. Until the pair trades above 1.3575, we are expecting 1.3525 and 1.3452 (1.3525 done).
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on market trends you may visit via Technical analysis of EUR/USD for July 17, 2014 . Thanks for your support on Technical analysis of EUR/USD for July 17, 2014
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