FX.co ★ Intraday analysis and trading recommendations for August 12, 2014

The pair is trading on a bearish note before the key economic events such as the German Zew economic sentiment index and Zew economic sentiment index for the eurozone. We expect the German Zew index to drop again. Today in Asia's session, the pair is trading exactly at the strong support at 1.3360 (100DSma), a low made as of now at 1.3367. If the pair hits this and closes below 1.3360, we can see 1.33/1.3295 easily. For the last 2 weeks, the pair opened higher. Until it breaches 1.3410, 1.3432 and 1.3444, we recommend selling on every up move.

Resistance 1.3410 1.3434 1.3444

Support 1.3360 1.3332 1.3292

Intraday cmp 1.3373

The prices are trading and close below the hourly moving averages. On the downside, it has support at 1.3360-1.3357, a break below this, 1.3332 and 1.3295 will act as strong support. On the upper side, the pair has strong resistance at 1.3385. Until the pair trades below 1.3385, sellers will mint the money. We recommend buying only above 1.3385 for targets at 1.34, 1.3410, 1.3434 and 1.3445. Strong reversal will take place above 1.3445 towards 1.35 and 1.3550 levels.