EUR/USD Daily Chart (as of 7/9/2013): The EUR/USD paused on 7/5 with a closing price of 1.2830, right at a
major uptrend line connecting the 11/13/2012 low, the 3/27/2013 low, and
the 5/17/2013 low (as shown on the daily chart), which has been in
place for about eight months. Yesterday we had a bullish candle close
above 1.2850. Price is currently testing the uptrend support line with a
penetration below 1.2800.
Watch today’s closing price closely. If price closes above the support line, or above 1.2800/30, more testing or upside correction may be expected, with an initial resistance at 1.2900/20, and then potentially 1.3000. If price effectively breaks down the support line, it may head down straight to 1.2750 (the 3/27/2013 low) and then 1.2650 (the 11/13/2012 low), followed by the major psychological level at 1.2500. The daily MACD is bearish, and the RSI is falling and approaching 30.
Watch today’s closing price closely. If price closes above the support line, or above 1.2800/30, more testing or upside correction may be expected, with an initial resistance at 1.2900/20, and then potentially 1.3000. If price effectively breaks down the support line, it may head down straight to 1.2750 (the 3/27/2013 low) and then 1.2650 (the 11/13/2012 low), followed by the major psychological level at 1.2500. The daily MACD is bearish, and the RSI is falling and approaching 30.
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