14.04.201413:10 Forex Analysis & Reviews: Intraday technical levels and trading recommendations for EUR/USD for April 14, 2014

Long-term review

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In March, failure of the bulls to fixate above 1.3870 allowed enough bearish pressure to be applied on the pair towards the recent demand zone around 1.3700.

The supply zone at 1.3850-1.3880 rejected the bulls on December 27 and once more on March 19. This indicated its significance as a supply zone as well as a valid sell entry level as was suggested last week.

Two weeks ago, significant bullish pressure was applied at 1.3700 which paused the recent slide off 1.3965. The bulls managed to push above 1.3800-1.3820 (broken previous top).

Friday's daily candlestick came as a bearish "Doji". Today it's followed by the current bearish momentum probably aiming to retest 1.3800.

Since the EUR/USD pair broke below 1.3855, the pair has roughly been moving sideways with slight bearish tendency until the depicted uptrend line came to meet the pair roughly at 1.3700-1.3680 enhancing this price zone as a significant intraday demand. This led to the recent bullish impulse above 1.3810 and 1.3855.

As suggested on Friday, price levels around 1.3880 provided a valid SELL entry. Profits should be taken near 1.3820-1.3800 ( the current prices ).

For the bulls, price zone 1.3810-1.3785 remains the nearest DEMAND zone to be watched for a valid BUY position. Stop Loss should be located below 1.3740.

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