EURUSD Technical Analysis for July 11, 2013

The EURUSD has been very bullish this week and is expected to continue rising over the next week, due to several bullish patterns currently present.

The EURUSD continues to rise and break resistance levels on the way. Now, this pair is trying to break the resistance level at 1.3134, which houses the 200 day moving average. On the other hand, if the EURUSD does make a bearish rebound at this level, it is expected to fall to support at the 1.3059 level. If the EURUSD manages to break this support, it is expected to fall to the level of 1.2983. Recall that the pair tried to break the 1.3200 level, but failed and it is likely that during the rest of week, this pair forms a lower high pattern, to continue up and break that resistance.

The MACD indicator is moving into positive territory and is in extreme oversold, which could support our bullish outlook for this pair in the medium and long term.

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