EURUSD Technical Analysis for June 04, 2013

In the yesterday session, the EURUSD was very bullish, approaching to the SMA 200 and strengthening its overall bullish trend.

EURUSD is forming a lower high pattern, the resistance below the level of 1.3070. If the EURUSD manages to break this resistance, it is expected to rise to the level of 1.3130. Recall that near that resistance is the 200 day moving average, which is making this pair dynamic resistance. If in the long term, the EURUSD managed to break the resistance level 1.3130 and consolidated above this level, one would expect that a bullish trend in the EURUSD, lasts much longer. On the other hand, keep in mind that the EURUSD, can make a bearish rebound in the SMA 200 and fall back to the support at 1.2987 level. If the EURUSD manages to break this support, it is expected to fall to the level of 1.2906.

The MACD indicator is in positive territory, indicating that the EURUSD will have a strong bullish trend this week.

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @conexiondigicol

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

WHAT IS ADVFN?

ADVFN covers all things stock market.

From the news and opinion pieces on pages like this to share discussion forums, charting tools, financials, live share prices and Level 2, order book data

If you trade or invest ADVFN has the tools you need to make the right decisions.

• 

  101 Ways to Pick Stock Market Winners

  You need the number one bestselling investment guide, the definitive text for day traders, investors and stock pickers.

• 

  The Death of Wealth

  Dissecting the global economy and the financial markets, the book lays out the evidence for the next economic game changer: the Death of Wealth.

• 

  ADVFN News Bulletin

• 

  Acenya Capital

• 

  Lawrence Gash

• 

  eToro