EURUSD – Daily Technical Analysis – 24 Jun 2013

EURO-Dollar-min

The EURUSD maintained a bearish momentum last Friday. Now the pressure will be on the key support 1.3098. The EURUSD will have to hold below the 1.3098 levels to send the market for further downside losses. If seen. It will target the 1.3000 levels where a breach will turn the focus on the 1.2900 levels. A further break will target 1.2780 levels.

Alternatively, a failure to hold below the 1.3098  levels, could mean a return to the 1.3254 levels where rejection is strongly suggested, but a break of 1.3254 – daily close – is likely to retest 1.3415 where rejection is also suggested.

In All, as long as 1.3415/1.3254 levels hold, the EURUSD will remain biased to the downside with risk towards 1.3000/1.2900 levels.

Considerations: A daily close above 1.3254 would weaken the current bearish run, If seen, sell after rejection from/below 1.3415 levels with a target towards 1.3000/1.2900.

Recommendations: SHORT positions after rejection from/below 1.3254 with a target towards 1.3000 and 1.2900 as a second target.

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