The EUR/USD pair fell from its resistance level on a 30 minute time frame. This resistance level was given in our June 10 analysis. The price was trading below the 50-day (shown in green) and 100-day (shown in yellow) moving averages which show that the bulls lost their grip. The 50-day MA was about to cross the 100 day MA, which could further strengthen the downward correction move.
The pair also broke the upward channel on the same time frame which could push the price towards the 1.3195 support zone. The RSI was trading in line with the price action, which meant that the bias could be to the downside.
Bull Case
However the price was still trading above its upward trend line, and didn't break this trend line, meaning that the upward trend was still very much intact.
EUR/USD">
Important Levels
Resistance Level
1.3521-1.3488 Major
1.3393-1.3431 Minor
Support Zone
1.3195-1.3174 Minor
1.3056-1.3036 Major
1.2838-1.2820 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