Monday, August 4, 2014

Technical Analysis - EURUSD H4

12:33 PM

After Friday's EURUSD rallies due to weak readings from the U.S. labor market and the price a little backed up to attack an important support level located in the area of 1.3400. We also note that the price a little bounce from the local downward trend line that did not allow for the continuation of Friday's gains. EURUSD is also limited from above resistance level 1.3450 and the upper limit of the downward channel the hip. If there is a breakthrough level of 1.3400 should expect further declines, but within the downward channel, where its penetration is required, eg a positive reading of the U.S. economy, which would give impetus to investors to continue buying dollar.

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