FX.co ★ EUR/USD Intraday Technical Analysis

Presently the spot rate is testing the upper limit of its medium term bearish channel at level 1.3150 and is likely to decline. However, the breakdown of these levels will reveal a significant potential and start a bullish trend.

Technical indicators do not provide clear signals but the fact that they are approaching the overbuy zone points at possible decline.

According to the previous events, the market will indicate a bullish opportunity as soon as the spot rate has broken its resistance in 1.3150 with the 1st objective at level 1.3220, and then at level 1.3240. In case the level 1.3130 is passed through, the supposed scenario will be reversed.