EURUSD Technical Analysis for August 08, 2013

The EURUSD is strengthening its bullish trend in the medium and long term and this is expected to remain so for many more days.

The EURUSD continues to follow the bullish trend line and consolidating above the 200 day moving average. Bullish next target for this pair, the resistance at the level of 1.3395. It is very likely that the EURUSD is still very bullish for several more days, even if the pair were to find strong resistance at the 1.3395 level, you might consider a change in trend and the EURUSD could start to fall deeply. But technical oscillators continue to favor the bullish trend of EURUSD, although we must be cautious, because the EURUSD is taking up a bit lateralized. However, it would be best to put buy orders just in time when the EURUSD conduct a bullish rebound in the trend line.

The MACD indicator is in extreme overbought and in neutral territory, so we must be cautious.

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