11 Jun 2013
EUR/USD knockin’ on the door of 1.3300
FXstreet.com (Barcelona) - The >EUR/USD is edging higher in Asia trade, up another 22 pips at 1.3277 and sitting just below the high made last week at 1.3306
The FXStreet.com Trend Index remains in slightly bullish set up on the 1 hour chart, while the ob/os index reads overbought. From a short term pattern perspective, the pair appears to breaking out of a ‘bull flag’ continuation pattern on the hourly chart (confirmed by the recent hourly close above 1.3270). The pattern has a measured move targets as high as 1.3450.
Initial resistance sits at 1.3306 (high from last week), followed by 1.3340 (previous support, now resistance on daily chart). First support sits at 1.3270 (break out area discussed above), followed by 1.3239 (the 20dma on 1 hour chart). Only a break and close below 1.3200 would change the set up on the daily chart from bullish to neutral.
The FXStreet.com Trend Index remains in slightly bullish set up on the 1 hour chart, while the ob/os index reads overbought. From a short term pattern perspective, the pair appears to breaking out of a ‘bull flag’ continuation pattern on the hourly chart (confirmed by the recent hourly close above 1.3270). The pattern has a measured move targets as high as 1.3450.
Initial resistance sits at 1.3306 (high from last week), followed by 1.3340 (previous support, now resistance on daily chart). First support sits at 1.3270 (break out area discussed above), followed by 1.3239 (the 20dma on 1 hour chart). Only a break and close below 1.3200 would change the set up on the daily chart from bullish to neutral.