FX.co ★ EUR/USD intraday technical levels and trading recommendations for September 12, 2013

Immediate bullish pressure was expressed on testing the depicted uptrend line around 1.3100 resulting in a bullish engulfing daily candlestick that closed above 1.3170.

This was followed by a full-body bullish daily candlestick representing accelerated momentum that pushed towards 1.3275 and heading towards 1.3315-1.3330 in the current time.

Price Zone 1.3330-1.3350 is a prominent SUPPLY zone for the EUR/USD pair to be watched carefully for price action.

Bullish rejection off 1.3100 is obvious on the 4H chart. A narrow consolidation range was established between 1.3240-1.3280 and bullish took place yesterday with projection target located at 1.3330.

The importance of price zone 1.3330-1.3350 is apparent on the 4H chart being a previous consolidation zone that pushed the pair 200 pips to the downside recently. The pair may find immediate Selling pressure at this zone. However, some sideway movement is not excluded due to indecision in the fundamental view of USD. Retesting of the broken congestion zone 1.3240-1.3280 took place earlier today where obvious bullish pressure was applied to push the pair again towards 1.3320.

Further bullish momentum may be expressed after 4H closure above 1.3320.