03.10.201403:10 Forex Analysis & Reviews: Technical Analysis of EUR/USD for October 03, 2014

Long-term review

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The pair gave a strong close about 50 pips in yesterday's session after 9 trading sessions. The pair took support at the 1.2622 and 1.2570 levels and is facing strong resistance at the 1.27 and 1.2715 levels. The ECB meeting made the euro bounce against the US dollar. Today, traders watch closely US nonfarm payroll data for September. If the data hit the wire in the optimistic way, the minor strength of the euro will erase again the pullback will be short-lived. In yesterday's session, the pair was unable to breach the immediate resistance 1.27, above this 1.2817 20Dsma will act as strong resistance. Bulls will come back only if the pair closes above 20Dsma. Until then, use every rise to sell.

For an intraday view, the prices are closed above 12ema and 35DEMA, but the pair is facing strong resistance at 34hrsma. For an hourly view, the resistance levels existed at 1.2675 above this 1.27-1.2715. Safe buying will trigger only above the 1.2715 level with upside targets at 1.2750 and 1.2765. Support existed at the 1.2645 and 1.2614 levels. Safe selling will trigger below 1.2610 towards the downside target between 1.2585 -1.2570. Selling pressure will drag the pair below 1.2570 towards the 1.2550 and 1.25 levels.

Risky traders - use sl 1.27-1.2715 sell.

Strong buy will emerge above 1.2715 towards 1.2750-1.28-1.2815.

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