The pair surged yesterday to the 1.3300 area, breaking above a key resistance level of 1.3240, which is the high of 5/1/2013. Yesterday’s candlestick had a strong bullish body with a relatively long upper shadow, showing potential resistance at the session high. After today’s NFP data, the pair has pulled back and is now trading below 1.3240. The RSI on the daily chart is breaking above an important resistance line connecting the 2/1/2013 high and the 5/1/2013 high. The MACD is turning up and is above zero.
EUR/USD 1-Hour Chart (as of 6/7/2013):
On the 1-hour chart, the pair is trading in an uptrend, making higher highs and higher lows, and is now testing 1.3200/3190, which is also around the EMA 50. Next support is the EMA 200, a major support line on the 1-hour chart. Currently, a consolidation is underway to correct yesterday’s strong move. If price holds above 1.3100 or the EMA 200, the short-term uptrend is intact and more upside movement may be expected.
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