EURUSD Technical Update – WC July 1st – Euro Dollar Analysis Posted on June 29, 2013 by forex-fx-4x • 0 Comments EURUSD Technical Update – WC July 1st – Euro Dollar Analysis The EURUSD pair managed a corrective move higher to the 1.3100 area on Friday, as aligned with the 200 SMA (simple moving average). The 200 SMA was a technical point of interest we had highlighted in our last update as the initial resistance level to monitor. Month-end demand for the greenback had the euro/dollar pair dropping back to the 1.3000 area on Friday afternoon, in-line with the prevailing dollar strength trend. We still likewise see the 1.3000 area remaining as a key technical level of interest, with the 1.3000 – 1.3100 range marked as a near term focus, heading into the week of 1st July. The lower timeframe EURUSD chart show a retest of a descending trend line. The longer term perspective still has the EURUSD pair trading under a weekly timeframe bearish engulfing candle. This adds a bearish bias to the weekly chart as long as price holds under the 1.3415 engulfing candle high. The weekly chart also shows an ascending trend line – which could come into play if the downside move continues into next week. The USDX is once again trading at the 83.40 price pivot zone. We will continue to monitor the dollar index price action around this area going forward. See the latest USDX analysis here.
Posted on: Sun, 30 Jun 2013 11:43:57 +0000
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