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Forex: EUR/USD forcing sellers out; 1.3110/40 new buyers stronghold

FXstreet.com (Barcelona) - The Euro/US Dollar upside resolution through Tuesday has opened up scope for further appreciation of the spot exchange rate. Selling orders were finally absorbed at the 1.3040/60 supply area on Tuesday, causing the price to go semi-ballistic until 1.32 round number, where profit taking was observed after the stop loss orders shake-up appeased.

"The new imbalance between buyers and sellers is now found between 1.3110 and 1.3140, where judging by the violent upmove, demand greatly exceeds demand" our in-house supply/demand daily analysis observes.

"Depending on the risk profile, if one wishes to narrow down the exact location of the move, the 5m chart is showing a narrower but potentially higher risk reward location at 1.3140/30 demand, as per the rally-base-rally structure created during a brief sequence of eight 5 minutes candles, suggesting a strong imbalance in favour of buyers..." the FXstreet.com report adds.

According to Valeria Bednarik, chief analyst at FXstreet.com: "Next key resistance stands around 1.3220, 50% retracement of its latest daily fall, and if above, the rally may extend up to 1.3300 area today."

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