FX.co ★ EUR/USD intraday technical levels and trading recommendations for September 13, 2013

Immediate bullish pressure was expressed on testing the depicted uptrend line around 1.3100 resulting in a bullish engulfing daily candlestick that closed above 1.3170.

This was followed by a full-body bullish daily candlestick representing accelerated momentum that pushed towards 1.3275 reaching 1.3315-1.3330 Yesterday.

Price Zone 1.3330-1.3350 is a prominent SUPPLY zone for the EUR/USD pair to be watched carefully for price action. A hanging-man daily candlestick was formed off 1.3330 that lead to the current bearish momentum.

Bullish rejection off 1.3100 is obvious on the 4H chart. A narrow consolidation range was established between 1.3240-1.3280 and bullish breakout took place yesterday with projection target located at 1.3330.

The importance of price zone 1.3330-1.3350 is apparent on the 4H chart being a previous consolidation zone that pushed the pair 200 pips to the downside recently. The pair may find immediate Selling pressure at this zone. However, some sideway movement is not excluded due to indecision in the fundamental view of USD.

Retesting of the broken congestion zone 1.3240-1.3280 is taking place today for the third time in one week. It is the nearst demand zone for the EUR/USD pair.

Further bullish momentum may be expressed if the current 4H candlestick closes above 1.3280.