EURUSD Technical Analysis for May 02, 2013

In yesterday’s session, there were no significant changes in the EURUSD, indicating that this pair is preparing to receive the impact of economic data that will be published in the coming hours.

The EURUSD is near a strong resistance at the 1.3194 level and is a very crucial this levale because if the EURUSD break a big bullish candlestick, it’s very likely this pair will rise to the level of 1.3333 in the medium term. One should expect the formation of a lower high pattern to execute buy orders in this pair. If the fundamental data to be published in the coming sessions, become unfavorable to the EURUSD, it is likely that this pair forms a double top pattern and fall to the 200 day moving average in the short term. I would not recommend for now, executing sell orders on this pair, because recent economic data for EURUSD, have been favorable to boost the rise in this pair, in the medium term.

The MACD indicator is in posititve territory, supporting a bullish outlook on the EURUSD.

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