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EUR/USD: Technical Analysis Shows Further Weakness

Published 06/24/2013, 05:21 AM
Updated 02/02/2022, 05:40 AM
EUR/USD
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GUID
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The EUR/USD pair is trading below the downward trend line on a 30 minute time frame. The price has not challenged or broken this trendline, which represents weakness for the pair and bias could be to the downside.

The EUR/USD is trading below the 50-day (shown in green) and 100-day (shown in yellow) moving averages, which further strengthen the above argument. However, the RSI is showing a clear sign of deflection which means the bias could be to the upside.
<span class=EUR/USD" width="1449" height="731">
Important Levels

Resistance Level
1.3521-1.3488 Major
1.3393-1.3431 Major
1.3250-1.3214 Minor

Support Zone
1.3056-1.3036 Minor
1.2963-1.2939 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

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