EUR/USD- Fell from Resistance As Predicted, What Now
AvaTrade | Jul 11, 2013 08:05AM ET
The EUR/USD pair fell from its resistance level on a 30 minute time frame as predicted. This resistance zone was given in our analysis on 10th of July. The volatility for the pair has gone back to normal as the price is trading within the Bollinger Band and it is close to its 20-day moving averages.
The pair is still trading above the 50 day (shown in green) and 100 day (shown in yellow) moving averages which mean that the bulls are still in strong control and the upward move continue after this short correction.
The RSI is trading in line with the price action which means that the bias could be towards the downside in the short term.
Important Levels
Resistance Level
1.3521-1.3488 Major
1.3393-1.3431 Major
1.3250-1.3214 Minor
Support Zone
1.2909-1.2875 Minor
1.2770-1.2743 Major
1.2686-1.2653 Major
DISCLOSURE & DISCLAIMER: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
by Naeem Aslam
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