Forex: EUR/USD Trading Below Yesterday’s High

on Jun 14, 2013

The pair yesterday traded within a range 1.3277 to 1.3389. The daily candle opened at 1.3343 and closed at 1.3357, logging a 0.14 percent gain.

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Today the price opened at 1.3357 and is currently holding around 1.3342, barely above the 61.8 percent retracement of 1.3709 to 1.2742 at 1.3339. The price action is close to a descending weekly trendline, with a starting point at 1.4825 (opening price of the weekly candle for 1-8 May 2011).
The MACD divergence on the 4H timeframe is still in play and may soon push the EUR/USD lower.
Daily resistance levels: 1.3355, 1.3390/3400 and 1.3430.
Daily support levels: 1.3340, 1.3320, 1.3305 and 1.3280.


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