FX.co ★ EUR/USD intraday technical and fundamental review for June 6, 2013

The downtrend line extending from 1.3700 is obviously broken now when we had daily closure above 1.3075.

The pair had a neutral zone extending from 1.2880 to 1.3070, breakout off this area helps to resolve the case of accidental confusion experienced by the pair up and down since visiting support zone around 1.2800.

Consolidation above 1.3106 can open the way directly towards 1.3150 then price zone 1.3200-1.3220 which stands as a prominent supply zone.

The pair has a prominent support level at 1.2950 where an ascending bottom was established on Friday last week.

An intraday support level is located at 1.3050 which is holding price above untill we had a bullish breakout above 1.3100 earlier today.

As long as the pair remains consolidating above 1.3100, the expected scenario remains bullish with projection target at 1.3155. However, breakdown of this level will lead back towards 1.2950.

It is important to be cautious regarding market reaction after the ECB meeting statement today and US NFP release tomorrow.