EURUSD Technical Analysis for June 26, 2013

The EURUSD continues to develop its bearish trend in the medium term. The formation of bearish patterns will be important to continue to consolidate in the current trend.

This pair is forming a higher low pattern below the 200 day moving average and above the support at the 1.3048 level. If the EURUSD manages to break this support, it is expected to fall to the level of 1.2957. On the other hand, it is very possible that this pair make a bullish rebound at current levels and up again to the level of 1.3134, which has the 200 day moving average. The overall outlook for this pair is very bearish, because those moves that made the EURUSD above the 200 day moving average, were attempts to consolidate a bullish trend in the long term, but to no avail. However, it may be that the EURUSD is preparing to make a bullish momentum and consolidate on the 200 day moving average, in the coming days.

The MACD indicator is in negative territory and this supports our bearish outlook for this pair. In addition, this indicator still shows no signs of oversold on the EURUSD.

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