The cross managed to hold the last support
level available at 133.00. On Tuesday, the cross made a low at 133.09 and changed
the direction. The cross managed to close above 100Dema and 20Dsma. Developings in Greece turned sentiments on the euro to positive. Today, the cross is driven by inflation data from Japan. The cross was trading at 134.80 at the Asian session.
The cross managed to hold the 20Dsma 134.69. Bulls have an opportunity to aim at
135.35 initially and 135.50 later. The nearest resistance is seen at 135.55 200Dema
and parallel resistance is seen at 135.35. The cross rejected at 200Dsma
137.00 on May 18. The same level acts as the trend-change level. The cross has been trading
between 133.00 and 137.00. In case of a daily close above 137.20, bulls will aim at 141.00
initially. We expect a clear direction in a day or two. Intraday support is found at
134.75,134.40, and 134.00. The selling pressure is expected below 134.75.
Trade: Fresh buying is seen above 135.60 with a target at 136.00 initially, 136.40 and 137.00 later.
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