FX.co ★ EUR/USD: Important levels and intraday technical view for June 19, 2013

The EUR/USD pair recorded a new high yesterday at 1.3415 which is near the main target of the ongoing bullish movement at 1.3425-1.3450.

While the EUR/USD is approaching this price levels, we must be cautious as it corresponds to a weekly downtrend line connecting previous tops at 1.4940 and 1.3700.

The market is also waiting for the Federal Reserve statement which will have significant effect on the next target of the pair either by breaking through 1.3425-1.3450 and heading towards 1.3500 then maybe 1.3600 to achieve the full target of the bullish 123 pattern mentiond in previous articles.

The other scenario will be reversing off 1.3425-1.3450 and heading towards 1.3180-1.3200 for retesting.

The vision on 4H chart is also positive for the short term towards the 1.3425-1.3450 initially in the context of the expected bullish movement towards 1.3600.

This scenario remains firmly based on not losing 1.3180 as a demand zone. The outlook on the small time frames remains bullish and current slide below peak at 1.3390 is considered a corrective one unless 1.3225 gets broken-down.