EURUSD Technical Analysis for July 04, 2013

The EURUSD continues falling and breaking supports on the road, however, keep in mind that the EURUSD could change the trend, although this is not certain.

The EURUSD is forming a lower high pattern above support at the 1.2981 level, if the pair manages to break this support, it is expected to fall to the level of 1.2831. However, keep in mind that although the EURUSD remains below the 200 day moving average, this pair could make a bullish rebound at current levels and rising again to the resistance level 1.3083. If the EURUSD manages to break this resistance, it is expected to rise to the level of 1.3198.

The MACD indicator is in negative territory and showing extreme oversold levels, so we must be careful with this pair, because this oversold. Moreover, for today’s session, there will be a press conference ECB, after publish the interest rates, which is expected to remain at 0.50% and the American session will be of low volatility, because it is the day of the independence in the United States

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