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EUR/USD Bullish But Technical Resistance Is Near; 1.3350/1.3400

Sameer Kapoor 13 June 2013

The EUR/USD reached new highs and is now trading higher within wave (v), that is part of a black wave 3 of one larger degree. We see room for 1.3350, but traders should be aware of a possible deep wave 4 pull-back in the coming days.

Divergence on the RSI also means that momentum is decreasing, so the top could be near. Wave C) that we are tracking from 1.2800 is still incomplete; we need five waves up from that level so until then, the EUR/USD remains in bullish mode.