FX.co ★ Technical analysis of EUR/USD for June 25, 2014

The pair gave an upside breakout from the falling wedge, we can see it in the daily chart. The pair has been in a consolidation phase trying to breach the 200-day Ema on a closing basis. Even though it breached on an intraday basis, but was unable to close above that. It has a rough road ahead at 1.3650 (200-day Sma) 1.3677 and 1.37 (50-day Sma). The RSI in the daily chart favors an up move. We have been recommended to sell only below 1.3460, now we move to 1.35 levels for targets at 1.3470 and 1.3420 levels. Until it holds 1.35, we expect it can move up to 1.3677 and 1.37 levels before the further downfall.

Intraday-

Traders eye today's economic data Gfk German Consumer Climate, Italian retail sales, and US Core duarable goods orders, duarable goods orders, and final GDP q/q. The pair is trading above the major hourly averages. The pair has support at 1.36, 1.3588 and 1.3564 for an intraday perspective. We can see strong momentum only above 1.3635 for an immediate target at 1.3667 and 1.37 levels.