Market Review: EUR- USD Weekly Outlook 1 – 5th july

Last Update: 2nd july 2013

The main trend for the pair is still down. We saw a minor correction towards the 1.34 area, where it bumped into resistance at the weekly 200 SMA and the downward trend line.

EUR- USD Chart on 2nd july 2013

EUR- USD Chart on 2nd july 2013

Now the pair is in a triangle and being supported at the 1.2980 level.
We may experience some range trading between 1.2980 – 1.3170, but all in all we believe that in the end, the pair will break downward and remain bearish. The 1st target is 1.28, followed by 1.2640.

 

chart-eur-usd-forex-2

A lot of important data is set to be released this week, including the European interest rate decision on Thursday and the US non-farm employment change on Friday. These two events may trigger the downward break.

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John Walker

John Walker

Editor at Tradingbroker.co.uk
John was born in London ( United Kingdom ) and studied at The London School of Economics. Currently he lives in Sydney ( Australia ) and he works as editor at Tradingbroker.co.uk.
John Walker

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