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EUR/USD intraday technical and fundamental review for June 7, 2013

Posted at June 9, 2013 Categories : Forex Analysis |

The downtrend line extending from 1.3700 was broken when we had daily closure above 1.3075, this opened the way towards 1.3106 then 1.3250.

Price Levels around 1.3250 represent a strong resistance for the EUR/USD pair as it corresponds to previous tops (including the high of May).

Obviously, the pair expressed bullish daily closure at 1.3244 which is continuation signal. However, the precceeding movement will probably require some retracement.

A bullish breakout above 1.3100 took place yesterday which opened the way towards 1.3220 directly.

The pair has a prominent support level at 1.3100 that was established yesterday at the depicted broken price range.

Price action should be watched at 1.3100 for a possible BUY entry with SL located below 1.3045.

Yesterday, the market reacted strongly towards the ECB meeting statement while today, U.S. employment index within the non-agricultural sector over the past month rose, this may enhance the ongoing bearish retracement.

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