07.08.201406:16 Forex Analysis & Reviews: Technical analysis of EUR/USD for August 07, 2014

Long-term review

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EUR/USD

The ECB will meet in early European session. The pair is facing strong resistance at 50MSma at 1.3444. The pair is trading at 1.3381 in early Asia's session before the ECB meeting. The pair hit the 100Wsma this week, but managed to trade above this. The intraweek resistance is placed between 1.3420-1.3444, above this only, we will able to see a sharp upside run towards 1.35 and 1.3550. On the down side, it has support at 1.3325, 1.3295 and 1.3260.

Intraday- cmp 1.3380

The pair is just trading above 12ema at 1.3378 levels. The disappointment from Italy pushed the pair to a one-year low. The pair has hourly resistance at 1.3395-1.34, above this, it can extend up to 1.3420 and 1.3444 levels. Strong upside momentum is only above 1.3444 levels. The pair again shifts its mode to freefall below 1.3360 towards 1.3325 and 1.3295.

Hourly trading- cmp 1.3381

Sell below 1.3355

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