EUR/USD (daily chart as of August 14, 2013) retreated from 1.3400 on
August 8 to test the 1st support at 1.3240, which was the May 1 high,
and also around the daily EMA 20 (Exponential Moving Average 20). Price
found support at that level yesterday with a brief penetration to a low
of 1.3233 and closed above 1.3240 at 1.3260. The EMA 20 has been acting
as support for more than a month. Note that the daily MACD is making a
bearish crossover above zero, indicating slowing momentum, and the daily
RSI is testing 50 from above.
As long as the daily EMA 20 can hold, price should resume the upside momentum:
1st resistance: 1.3415 (June 18 high)
2nd resistance: 1.3520 (Feb 13 high)
3rd resistance: 1.3600 (Feb 5 and Feb 6 high)
In the event of the daily EMA 20 breaking down, price could test the following support levels:
1st support: 1.3185 (August 2 low)
2nd support: 1.3060 (July 18 low)
3rd support: 1.3000 (key support/resistance)
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