EUR USD approaches the target – Analysis - 30/07/2014

The EURUSD pair traded with slight bearish bias yesterday to settle at 1.3400 level, as it approaches gradually from the main waited target at 1.3365, which represents 50% Fibonacci level for the bullish wave measured from 1.2754 to 1.3965, thus, there’s possibility to bounce bullishly from the mentioned target and attempt to resume the general bullish trend again.

Therefore, it’s important to monitor the price behavior when reaching 1.3365 level, as breaking it will extend the decline to reach 1.3215 level, while breaching 1.3500 represents an initial positive factor to stop the current bearish correction.

 Expected trading range for today is between: 1.3320 support and 1.3500 resistance.

Expected trend for today: Bearish