EUR/USD Pair Trading Update – Technical Analysis

The Euro currency is up after Cyprus confirmed that agrees to the term of the bailout deal. It was expected so traders that bought the EUR/USD pair are fairly better today.

Cyprus financial scramble has given the EUR/USD pair a good push forward. Now the currency sits in good position to push up again toward the first resistance level. Located in the range of 1.3044 – 1.3100.

Tomorrow France consumer confidence should lift the Euro to the resistance level if expectations are met. Then on Wednesday Germany would come to the spot light with the GFK consumer confidence survey.

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The EUR/USD daily chart is in bullish territory and ready to bounce back, up and high. If only some fundamental good news keep coming. There is also a candlestick inverted hammer forming. It is still very early in the trading section to rely too much in this candlestick, but if remain there tomorrow it could be considered a bottom reversal signal.

Medium term technical indicators are bullish while longer terms are still a bit in bearish-neutral position. Short term technical indicators are mixed.

inverted hammer eur usd

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