EURUSD Technical Analysis for June 09, 2013

The EURUSD is forming bullish patterns, allowing to this pair to continue its bullish trend of the moment.

EURUSD remains above the 200 day moving average and is making consolidation movements. If the EURUSD managed to break the resistance at the 1.3243 level, it’s expected to rise to 1.3300 psychological level. On the other hand, if the EURUSD breaks the support at 1.3200 psychological level, it is expected to fall to the level of 1.3113, which houses the 200 day moving average. We must be very careful when trying to put sell orders in this pair, because the conditions are not right for trading against the trend. Last week, the EURUSD made ​​movements that changed drastically and hence overall trend is expected to continue rising, at least to the level of 1.3400 in the long term. However, we must be aware of the news that occur in the eurozone.

The MACD indicator remains in positive territory but is in extreme overbought, so possibly this pair make slight movements during the week, although there may be extreme volatility, if economic data to be released this week may have high impact on the EUR pairs .

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