EURUSD made a low beneath 1.2800 but then respected trend line support level and bounced heavily on 10th July, 2013.Major factors of this abrupt appreciation were Bond auction and FOMC meeting. Continuous better news from Euro and USD’s weakness has brought the pair to a key resistance (1.3300) now.

The cluster of resistances is seen near 1.3300 to 1.3330 which may not be breached easily. We expect EURUSD to retrace back to 1.305-1.31 being major supports in the coming days. Economic news to be considered is Bid rate and Press Conference by ECB which are followed by Non-Farm Payroll of USD.

If the resistance is not respected then we can see an upside move to 1.345.



What to do?

1.330 good level to go short on EURUSD with 1.345 resistance and 1.31 as support.

ENJOY TRADING!

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