EURUSD trading in a tight range between 1.3525 and 1.3550

By FXstreet.com | June 12, 2014 AAA

FXStreet (Barcelona) - Independent Analyst Harsh Japee points out that for the last 36 hours EUR/USD has been trading in a tight range between 1.3525/30 (Support) and 1.3550/55 (Resistance).



Key quotes



“The Daily chart view has produced a star doji yesterday, indicating that the next move could be a rally. Till prices remain above 1.3495 levels, expect bulls to remain in control.”



“Please note that this rally is just a counter trend, and bears are expected to take control back at the 1.3750/1.3800 handle. Furthermore, prices are seen to be bouncing off the 0.786 fibonacci support levels as seen above.”



“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. A reversal can be expected from there on."



“A failure ahead of 1.3900 could be sold, risk/stop remains at 1.4050, target towards 1.3300 at least.”



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