EUR/USD: Bulls could take control over from 1.3550 levels

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Barcelona) - Independent Analyst Harsh Japee points out that EURUSD at last produces a bullish morning star candlestick trade signal, which indicates that bulls could take control over from 1.3550 levels.



Key quotes



“Intraday resistance is seen at 1.3600/10 which should be taken out in the next leg up. Only a break below 1.3490/95 levels would delay matters further. The counter trend rally, if materializes could extend up to 1.3750/1.3800 levels.”



“Support is seen at 1.3500(intermediary) followed by 1.3470 and lower, while resistance is at 1.3800, followed by 1.3880 and higher up respectively.”



“The wave structure indicates that EURUSD bulls should possibly stage an aggressive counter trend rally towards 1.3750/1.3800 levels. On the flip side, a break below 1.3490 would confirm that bears are here to stay.”



“A failure ahead of 1.3900 could be sold, risk/stop remains at 1.4050, target towards 1.3300 at least. Aggressive traders could look to go long now, risk remains below 1.3490, targeting 1.3750/1.3800.”



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