Wednesday, August 3, 2011

EUR/USD Intraday Technical Levels - August 3, 2011

SHORT  DESCRIPTION :

Actually the EUR/USD traded between the range from the 1.4175 (that acts as a strong support) to the 1.4275 level. We've already spotted at the 60 minutes charts a "Double Bottom" pattern (red: Reversal pattern) and a Divergence between the price and the MACD Histogram and the MACD crossing lines (red : the purple lines).

It looks like the 1.4225 and the 1.4250 will be tested again by the EUR/USD today.  If the Upside momentum is strong and this currency can break out and close above the 1.4275, the 1.4300 will be the first target and the 1.4325 will be the second target for this currency.

On the other hand, if the EUR/USD can break out and close below the 1.4175 and the 1.4075 will be the first target and the 1.4000 will be the second target for the EUR/USD today.


Performed by Arief Makmur, Analytical expert
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