EURUSD Technical Analysis for August 06, 2013

The EURUSD continues at a very crucial for the development of its trend. For now, we can not say with certainty what their current general trend is.

The EURUSD continues to consolidate above the 200 day moving average and above the support at the 1.3200 level. If this pair managed to break the resistance level of 1.3288, it is expected to rise to the level of 1.3400. On the other hand, we must bear in mind that for now not rule out a future breakdown of support at the 1.3200 level and if this comes to pass, would be expected to fall to the level of 1.3119, which houses the 200 SMA . Indecision is very marked in the movements of this pair and this has been seen in recent weeks, after the EURUSD could not advance their bullish trend started from the 1.2800 level.

For now, while the EURUSD remains above the 200 day moving average, it would be best to put buy orders and seek the formation of bullish patterns, in order to make good trading with this pair. The MACD indicator is in neutral territory, demonstrating widespread indecision on the current European economy and this pair is a reflection of that.

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