FX.co ★ EUR/USD - Exhausted - for August 06, 2013 (daily strategy)

The euro was between 1.33 and 1.3275 level for nine days. Today it is located at 1.3295 because of German factory orders report that keeps the rate near 1.33. Analyzing these unsuccessful attempts to hold the price above 1.3310, it is suggested that the bullish condition is disappearing; although the movements of the euro are cautious and slow. Only a daily close above 1.3325 would be an acceleration of the euro, 1.3380, the daily fractal strong resistance is located there. But also a low of 1.3230 could change the course of the EUR/USD pair to values lower than 1.3190 without delay. On the other hand, the Momentum Indicator has broken the line of the MACD, which means that bearish movement will be for the next few days. It will be confirmed with the fractal break 1.3230 with targets at 1.3190 and 1.3068.

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