FX.co ★ EUR/USD Intraday Technical Analysis

At the moment the spot rate is testing the upper limit of its medium term bearish channel in 1.3370 and is expected to initiate a decline. However, a breakdown of these levels will reveal significant potential and initiate a bullish trend.

Technical indicators don not provide clear signals but approaching to the overbuy zone points at possible decline. Bollinger bands are much discarded because of the strong increase that took place these days. The situation is expected to stabilize in the nearest future.

According to the previous events, the market indicates a bullish opportunity as soon as the spot rate will has broken its resistance in 1.3370 with a 1st objective seen at 1.3430 and 1.3450 levels. If the level 1.3350 is passed through, the proposed scenario will be cancelled.