EUR/USD
Today, traders keep an eye on German Zew economic sentiment and Federal chair Yellen's testimony. In yesterday's session, the pair pushed to the 1.3640 selling zone again pulling back to the 1.36 levels. The pair is holding above the rising trend line in the daily chart. Yesterday, it was rejected around 50-day Sma levels. Today, in Asia's session, it is holding above 1.3617 (200-D Ema) and facing resistance at 20-D Sma between the 1.3623 levels and 1.3640 (50-D Sma). The bulls are back on track only above 1.3651 for 1.3666, 1.3675, and 1.37 levels.
The pair is holding above the hourly moving averages. As of now, in Asia's session the pair opened with a minor bullish bias opened lower at the 1.3618 levels.
Intraday supports - 1.3618, 1.3609 and 1.3598 (12-hr low) levels
Positional supports - 1.36 and 1.3575
The trading pattern is framed between 1.3575-1.3650. If any side breaks out, we can see a new range. On the upper side, if it breaks 1.3650 we can see the 1.3666 and 1.37 levels. The bulls must break the 1.37 levels as soon they can. If not, the 1.37 level will act as the multi-month resistance. It is likely to push to 1.3450 and 1.3215 levels.
Sell on an upward move until it breaks 1.37
Hourly momentum only above 1.3651
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Weekly forecast and an intraday analysis of EUR/USD for July 15-18, 2014 . Thanks for your support on Weekly forecast and an intraday analysis of EUR/USD for July 15-18, 2014
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