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Thursday, August 1, 2013

EUR/USD TECHNICAL ANALYSIS ON AUGUST 1st, 2013






EUR/USD began its today market position in the point of 1.32996 and abruptly the market moved towards downtrend. It made a stop to the successive movement against the USD. 

The trend had achieved its notable resistance of 1.33425 on yesterday after the high resistance achieved on June. So, this downtrend is considered as a trend reversal and recommended to go for short. 

When the pivot status notifies the trend to the trader, it will be so confident to stick with the trend. Actually, today’s market indicates the downtrend and so far it did so. In the meanwhile, it is possible to touch a resistance of 1.32588 but it won’t continue. 

For technical traders, it is a must to monitor the moving average instantly. The short term moving average is effectively showing the downtrend exactly what the trend is doing. 

The volatility that occurred in the pair is somewhat sufficient but the trader’s confident over the pair is forced to move downwards. 

As, by the successive economic releases and trader’s confident it is so much believed  that the pair should attain its two support points of 1.32075 and 1.31747 respectively.

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