Forex: EUR/USD trading within 35 pips so far

on Jul 15, 2013
Listen Monday July 15th_: During the past week the EUR/USD gained 2.5 percent. Today the daily candle opened at 1.3059, reaching a high of 1.3077 and a low at 1.3042 in Asian trading. Currently the pair is changing hands at 1.3054, close to the 89-day simple moving average at 1.3051 which may bring support. The trading range so far today has been 35 pips.

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If the price rallies higher, the first target would be the 10 July high of 1.3205 and if that is breached, next would be the 19 June high of 1.3415.
To the downside, the pair will need to drop through the 1.2900 level in order to target the 09 July low of 1.2754. Should that occur, the price would be continuing the downtrend from 1.3705.
Resistance levels today: 1.3090, 1.3120 and 1.3150.
Support levels: 1.3050, 1.300 and 1.2920.



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