FX.co ★ EUR/USD intraday technical levels and trade recommendations for July 5, 2013.

As expected, the EUR/USD continued the bearish movement down to support 1.2900 enhanced by the remarks of the European Central on Thursday.

Daily closure below the depicted uptrend on the daily chart brough the pair down to demand zone extending between ( 1.2750-1.2800 ).

A temporary buttom may be established around 1.2800 push the pair towards 1.3020-1.3070 again within the framework of corrective wave that may extend up to 1.3170-1.3200.

On the 4H chart, we can see the importance of 1.3000 level as it corresponded to the lower limit of the depicted consolidation triangle.

Also we can see the pair fixated below previous demand zone 1.2950-1.3000, now acting as supply one.

Projection target of the broken triangle around 1.2890 was hit then the U.S fundamental data showed high rates of non-agricultural sector employment more than expected by 195,000 in June which exerted further pressure on the pair to reach 1.2805.

The EUR/USD pair has two significant demand levels, one is located around 1.2815 and the next one at 1.2750. Hence, price action should be watched.

Suggested trades :

As suggested, SELL trades off 1.3020-1.3070 is now running in profit of about +200 pips, final targets have been hit today.

For new trades, we should wait untill next week when we may take a BUY entry around 1.2800 with our target at 1.3170.