EURUSD Technical Analysis (June 3-7): Euro Dollar Weekly Update

June 3rd, 2013
in contributors, forex

by Nick Simpson, Forex-FX-4X

  • Our euro/dollar analysis last week highlighted a breakout above the upper trend line of the triangle pattern – as seen on the H4 chart below. A technical level located just under the H4 200 SMA (simple moving average) and the 50% retrace area.
  • Price has subsequently seen a retest of the upper trend line – after finding resistance around the 61.8% Fibonacci retrace – and ultimately closed the day just under the 1.3000 round number area, with neither the bulls nor bears showing any real commitment.
  • Nonetheless, we note that the EURUSD pair finished the week near the range resistance high point and is now consolidating around a 1.2940 – 1.3040 zone, after seeing an extended period around 1.2840 – 1.3000.

Follow up:

  • Any further push higher through 1.3000 has the 61.8% Fibonacci level roughly aligned with the descending trend line as a technical area of confluence around 1.3060.
  • A failure to sustain recent gains has price threatening to once again see a rangebound phase between 1.2840 – 1.3000.
  • The latest COT report data shows traders increased the net short EUR FX wager by almost 5% on the prior week to hit $13.5 billion.

Click to enlarge

Click to enlarge

Make a Comment

Econintersect wants your comments, data and opinion on the articles posted. You can also comment using Facebook directly using he comment block below.



Analysis Blog
News Blog
Investing Blog
Opinion Blog
Precious Metals Blog
Markets Blog
Video of the Day


Asia / Pacific
Middle East / Africa
USA Government

RSS Feeds / Social Media

Combined Econintersect Feed

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution



  Top Economics Site Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2018 Econintersect LLC - all rights reserved