Dollar Strengthens

July 7th, 2013
in contributors, syndication, forex

EURUSD Technical Update – July 8th – Euro Dollar Weekly Analysis

by Nick Simpson, Forex-FX-4X

  • Earlier this week we noted that the EURUSD pair had seen a break of the ascending trend line around 1.2925, which dated back to July last year, after previously breaking through the 1.3000 psychological level.

Click to view larger chart.

Follow up:

  • Price is now trading around the prior weekly demand area which roughly spans between the 1.2750 – 1.2850 zone. The euro/dollar pair is also trading at the 2nd ascending trend line shown on our weekly chart – after breaking below the steeper trend line this week.
  • This comes in the context of the EURUSD pair trading under the weekly time frame engulfing candle, which has given us a bearish directional bias since the week of 23rd June. This bias remains until the 1.3415 area engulfing candle high is taken out or the price action dynamic hints at a correction. Nonetheless, this weekly demand area may see an element of short covering.
  • Our latest USDX analysis update shows the dollar index has now jumped above the 84.55 area prior swing high, as markets expectations have increased that interest rates will start rising in a year. The U.S. dollar rose to a six-week high versus the euro.
  • See the following EURUSD Weekly/Daily charts for further analysis.

eurusd EURUSD Technical Update – July 8th – Euro Dollar Weekly Analysis

EUR/USD Weekly
Click to enlarge.eurusd-technical-analysis

Click to enlarge.eurusd-technical-analysis-daily

For other analysis:

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.

 navigate econintersect .com


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