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Immediate bullish pressure was expressed on testing the depicted uptrend line around 1.3100 resulting in a bullish engulfing daily candlestick that closed above 1.3170.
This was followed by a full-body bullish daily candlestick representing accelerated momentum that pushed towards 1.3275 reaching 1.3315-1.3330 last week before the weekly bullish gap took place.
Price Zone 1.3330-1.3350 was prominent SUPPLY zone for the EUR/USD pair. However, the bullish gap turned it into a prominent demand zone to be watched for bullish price action.
Price Zone 1.3430-1.3450 represents a valuable Supply zone that kept price below for almost 6 months. Any early visit should be considered as a valuable SELL entry untill proved otherwise.
Bullish rejection off 1.3100 is obvious on the 4H chart. Narrow consolidation ranges were established between 1.3240-1.3280 then between 1.3280-1.3300 until bullish breakout took place during the week-end resulting in the opening gap around 1.3360.
Fundamentally, decline in the dollar against the Euro took place during the Asian session after the withdrawal of U.S. Secretary of the Treasury, Larry Summers from the next governor of the Federal election, which calmed fears about the early end of the monetary easing program.
The importance of price zone 1.3300-1.33530 is apparent on the 4H chart being a previous consolidation zone that pushed the pair 200 pips to the downside recently. The pair may find immediate buying pressure at retesting. However, some sideway movement is not excluded due to indecision in the fundamental view of USD.
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