Intraday Market Thoughts

Resolving the Tug of War in EURUSD Technicals

by Ashraf Laidi
Jul 3, 2013 20:01

EURUSD traders are torn between the ensuing battle of opposing forces; positive dynamics (July 2012 trendline support and May 2013 trendline support continuing to hold at 1.2950s); vs negative dynamics (TRIPLE DAILY MA confluence at 55, 100 & 200 DMAs near 1.3070s). The ongoing support above 1.2930-50s faces a host of event risks (ECB conference, US jobs report, Egypt protests /power shifand thin Holiday Trade in the US). As we integrate the developing technical dynamics in Portugal's 10-year bond yields to multi-time frame momentum analysis in EURUSD, we issue 2 new trades in EURUSD as well as move the unfilled trade in USDCHF. All of these charts and trades as well as the ongoing AUDUSD and USDCAD trades are in the latest Premium Insights.


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