Eurodollar succeeded in stabilizing above resistance 1.3240, followed by 1.3300 breakthrough that took place last week, which keeps the upside movement favoured to target 1.3600 levels (target of 123 pattern).
Prominent supply zone is located around 1.3425 and is expected to be the target price for the current bullish wave then the pair may have a short downward correction move to re-test the area that turned into support now 1.3240-1.3300 before further bullish movement.
The trend remains bullish for the short run as long as the pair trades above 1.3180, just in case of its breakdown, another scenario may begin targeting 1.3050-1.3000.
The vision on 4H chart is also positive for the short term towards the 1.3425-1.3450 initially in the context of the expected bullish movement towards 1.3600.
This scenario remains firmly based on not losing 1.3180 as a demand zone.
The outlook on the small time frames remains bullish and current slide below peak at 1.3390 is considered a corrective one unless 1.3225 gets broken-down.
Price action should be watched around 1.3240-1.3300 as it may provide a valid BUY entry.
German investor confidence index ZEW rose above expectations during the month of June, after remaining unchanged during the previous month, according to survey results issued by the Center for European Economic Research today.
