EURUSD Remains Confused

July 20, 2013 in Chart Alert

Last week we had mentioned that EUR/USD is up against the against joint resistances of 200-day moving average and Ichimoku cloud’s upper edge. Please check the previous post here. The situation remains same and here are the current observations.

Resistance of 61.8% retracement level

EURUSD and retracement levels

EURUSD has been trying to break above the 61.8% retracement level of the downward move from 1.3417 to 1.2755 but has not been able to sustain. The support has been coming near the 38.2% retracement and resistance near 61.8% level.

EUR/USD and daily Ichimoku cloud

EUR/USD and daily Ichimoku cloud

The price action has been mainly within the Ichimoku cloud and the cloud has been thinning down. The resistance is continuously faced near  the upper edge. It shows a clear lack of direction but on the other side indicates a strong breakout can be expected any time.

EUR/USD and 200-day moving average

EUR/USD around 200 day moving average

The price action has been around 200-day moving average and the pair has not been able to sustain on either side. Clearly a decisive break below 1.2993 or above 1.3207 is required to expect any directional move.

You may also like to check weekly forecast of EUR/USD and the EUR/USD’s daily analysis.

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