EUR/USD Moves Back Above 1.3500

• On Tuesday, EUR edged lower against USD after the release of lower-than-expected German Ifo business sentiment, continuing with its weakness witnessed on Monday when ECB President Mario Draghi showed the central bank’s readiness to increase its monetary stimulus to protect interest rates from rising.
• On Wednesday, EURUSD currency pair rebounded from an intermediate support near 1.3450 level, moving back above 1.3500 level and is currently trading near the high point of the day at 1.3509.
• As is visible on daily chart, the 1.3530 – 1.3540 zone on the upside represents 61.8% Fibonacci Expansion level and is likely to provide immediate resistance for the currency pair. Should the pair manage to conquer this immediate resistance zone, it is likely to continue appreciating towards 1.3650 area, 2013 closing high also coinciding with the upper trend-line of an ascending channel formation on daily chart.
• Further a decisive break above 2013 high could possibly lead to further strength for the currency pair towards 1.3800 resistance zone, marked by 100% Fibonacci Expansion Level.
• On the downside, 1.3460 – 1.3450 area now seems to provide immediate support for the currency pair. This seems to be closely followed by a very important support near its previous strong resistance near 1.3390 – 1.3400 zone.
• Should the pair struggle to hold the 1.3400 strong support, it seems to immediately drift towards 1.3330 – 1.3320 support area, coinciding with the lower trend-line of the ascending channel.
• Furthermore, should the pair slip below the trend-line support, the pair could be vulnerable to further downfall towards its next strong support near 1.3200 – 1.3180 zone.
• Considering that the pair has decisively cleared the 1.3400 strong hurdle, the pair, in the near-future, is more likely to continue appreciating towards 1.3650 zone. However, a decisive weakness below 1.3450 would possibly negate the bullish outlook and the pair could witness a corrective pull-back towards 1.3300 zone. 

Original Article: Admiral Markets and hyper link Admiral Markets with http://www.admiralmarkets.com/