Intraday technical levels and trading recommendations on EUR/USD for May 1, 2014

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Show full picture In March, the failure of the bulls to fixate above 1.3880 applied enough bearish pressure on the pair towards the recent demand zone around 1.3700. At retesting of 1.3700, significant bullish pressure was applied pausing the recent slide off 1.3965 which led to another ascending impulse towards 1.3880. On April 11, daily candlestick came as a bearish “Doji” indicating lack of enough bullish momentum above 1.6880. This was followed by bearish engulfing daily candlesticks aiming to apply bearish pressure on price level of 1.3800 which is still offering support so far. At the same time, several bullish attempts (including Tuesday’s bullish spike) took place to step above 1.3850-1.3880. However, immediate bearish reaction is applied resulting in successive reversal daily candlesticks pushing again towards 1.3800. On the other hand, price level of 1.3800 has been providing…


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