EURUSD Technical Analysis for June 07, 2013

The EURUSD has a strong bullish trend and now, this pair will seek to break new resistances.

EURUSD is forming a lower high pattern below the resistance level of 1.3309. If this pair manages to break this resistance, it is expected to rise to the level of 1.3363. The general outlook for this pair is clearly bullish for now, because this pair is above the 200 day moving average and all oscillators are strengthening EURUSD uptrend. But we must be very careful when doing long term trading with this pair, because the news in the eurozone may affect negatively the road bullish of this pair. Remember that this week, the IMF said it is committed “mistakes” in handling the economic crisis in Greece and these findings, can have high impact on this pair.

On the other hand, that our bullish outlook is invalidated, we should wait for the EURUSD falls below the 200 day moving average near 1.3107 level. If it does break that level, we would expect to fall back to the psychological level of 1.30. The MACD indicator is in positive territory, but showing signs of overbought in this pair.

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