EURUSD Technical Analysis for June 20, 2013

In yesterday’s session, EURUSD fell over 100 pips, invalidating the bullish outlooks that were proposed in previous articles for this pair.

The EURUSD dropped to support at the level of 1.3274, after the United States, the Fed chairman, Ben Bernanke, gave a press conference where he spoke optimistically about the U.S. economy and therefore, the USD rose sharply against other currencies. If the EURUSD does break the support at the 1.3274 level, it’s expected to fall to the level of 1.3189. On the other hand, there is the possibility that the EURUSD conduct a rebound and rise again to psychological resistance at 1.3400 level, but it is something that may not make for the rest of this week. However, we must bear in mind that the EURUSD may be forming a higher low pattern, so our bearish intraday outlook still stand.

EURUSD remains above the 200 day moving average and the MACD indicator is in extreme overbought and entering negative territory, which could support our bearish outlook for the session today, but we must be attentive to the economic data published today in the eurozone and in the United States.

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @conexiondigicol

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

WHAT IS ADVFN?

ADVFN covers all things stock market.

From the news and opinion pieces on pages like this to share discussion forums, charting tools, financials, live share prices and Level 2, order book data

If you trade or invest ADVFN has the tools you need to make the right decisions.

• 

  101 Ways to Pick Stock Market Winners

  You need the number one bestselling investment guide, the definitive text for day traders, investors and stock pickers.

• 

  The Death of Wealth

  Dissecting the global economy and the financial markets, the book lays out the evidence for the next economic game changer: the Death of Wealth.

• 

  Currencies Direct

• 

  Envion

• 

  Accendo Markets

• 

  Francois Normandeau