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EUR/USD set to extend gains – technical analysis

As we forecast the EURUSD hit the key level of 1.3200, during the European session. The strength of upside move seemed more promising, but hasn’t continued into the US session. The pair still is still around 1.3200 and it is at crossroads. That was a break out tryout, but the sellers yesterday were able to push back the bullish attack, finally by the late night, it could close above 1.3200.

Our bet is that it only takes time. In our view today we could see a second run and the EURUSD will close significantly above the 1.3200 level. In our forecast the weekly target is at 1.3390. And, we are waiting for the dollar to weaken against all the major currencies – GBP, EUR, JPY, AUD.

EUR USD Technical Analysis July 23 2013 for currency trading forex

Generally the greenback weakening against EUR and JPY too, because the home prices data showed yesterday that residential sales unexpectedly fell. The recovery of the U.S. housing market is a huge part of the wider economic recovery. The disappointing data is a bad indication of US recovery,

How does the FED read this data? The housing market is directly linked to the job market, so the FED has to maintain the stimulus (QE) because the performance of the economy doesn’t look good.



Blindfoldedmonkey is a daytrader and money manager who has spent more than 10 years in this business. Risking his own money each day in the market and working for some funds as money manager and adviser. With many years of experience, he developed a system, which called - "Fractal Trend & Contratrend". This system is a complex trading solution for the forex markets. He writes often fx analysis, holds forex seminars and webinars, already teached many hundred traders about how to approach the markets in practice.