Market Overview

EUR/USD Technicals – Weekly Support Threatened

Hourly Chart

http://forexblog.oanda.com/mserve/EURUSD_070113H1.PNG

EUR/USD has been on the wane since the turn of the year, with prices pushing lower lowers and lower highs each day. The only exception being last Friday where USD weakened on the back of higher than expected unemployment rate. Unfortunately for Bulls, price continued south with the start of trading Monday morning, with price currently trading between L3-L4 Camarilla support.

5 Minute Chart

http://forexblog.oanda.com/mserve/EURUSD_070113M5.PNG

5 minute chart looks like a microcosm of the Hourly Chart, with each swing high unable to break above the previous support turned resistance.

Weekly Chart

http://forexblog.oanda.com/mserve/EURUSD_070113W1retry2.PNG

From the weekly chart, Upward trendline remains respected, providing support against downside moves. 1.305 remains the level to beat for Bulls to extend legitimacy of the uptrend.  Failure to hold Weekly support lines will open up 1.27 and ultimately 1.21 once more.

 

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