EURUSD Technical Analysis for August 01, 2013

The EURUSD continues forming bullish patterns and for now, this pair is very strong in the current bullish trend.

The ERUSUD is forming a lower high pattern below the resistance level 1.3299. If the pair manages to break that level, it is expected to climb to the 1.3400 psychological level. We should note that the EURUSD is consolidating above the 200 day moving average and this pair has found support in the bullish trendline nearby 1.3200 level. On the other hand, it is very possible that the EURUSD found strong resistance at current levels, but the bullish trend remains very strong and is expected to be extended by a few weeks.

The MACD indicator is in extreme overbought and in neutral territory, which could indicate that this pair will enter into a corrective phase of its current trend, but for now, there are no signs that show a trend reversal in the EURUSD.

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