Strategy 29 July 2013

US Dollar weakness is approaching stronger supports

We continue to look for EUR/USD to remain capped by the 1.3360/1.3417 resistance

EUR/USD is approaching tougher resistance offered by the 2013 resistance line at 1.3337 and the key resistance at 1.3360/1.3417. This is where the 2011-2013 downtrend, the 200 week ma and the June high meet and we look for it to hold the topside and provoke failure. We note the 13 count on the 240 minute chart and this offers
additional resistance at 1.3325.
The market stays bid intraday above 1.3165. Below here targets 1.30 and loss of this zone is needed to re-target the 1.2755/40 recent low and April low.
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