EURUSD needs to clear 1.3370 to escape the threat of a stronger sell-off !

EURO-Dollar-min

The EURUSD maintained a bullish momentum yesterday, topped at 1.3362 levels, bottomed at the 1.3205 levels, now the pressure will be on the 1.3370 levels. the EURUSD will have to hold above the 1.3370 levels on a daily closing basis, to push the market for further upside gains, If seen It will target the 1.3577 levels, a halt is suggested but a breach will turn the focus on the 1.3710 levels.
Alternatively, a failure to hold above the 1.3370 levels could mean a return to the 1.3205 levels, a halt is suggested but losing this level on a daily closing basis might bring a sell-off towards the 1.3060/1.3000 levels.

Description: According to the technical view on the daily chart, what happened the past week is critical, and especially yesterday’s move, It turns the focus on the  1.3370 levels now!

If we back to the past a little bit, I mean, last Feb, or 7th of Feb 2013, the EU economic summit, at that day, the pair bottomed at the 1.3370 levels, that scenario confirmed topping at 1.3710 levels and declined the pair towards 1.2745 levels, almost 1000 pips…

Now focus will be on the 1.3370 levels, If this important resistance is taken out in conjunction with critical data from EUROzone or U.S, this would be an early warning for 1.3710 and beyond…

Stability below this level would mean the threat of sell-off is Pending ?!!!

Today we have Building Permits & University of  Michigan Consumer Sentiment from the U.S, next week, On Wednesday, US Existing Home Sales followed by US FOMC Meeting Minutes, On Thursday, from EUROzone, French Flash Manufacturing PMI as well as German Flash Manufacturing PMI…On Friday US New Home Sales…

Keep an eye on 1.3370 in conjunction with those events………any breach above 1.3370 in conjunction with any of those events is likely to have large bullish implication towards the 1.3710 levels, If seen, sudden gains are strongly suggested towards the 1.3710 levels…

In all the market breached above 1.3370 twice, and both were false !! but

According to moves we witnessed the past few days, 1.3370 is separated level between up and down !!!

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