EUR/USD: Intraday technical analysis for April 17, 2013

Pivot point: 1.3136

Overview:

The EURUSD’s resistance has been broken and it was turned to support around the price of 1.3135 yesterday (April 16, 2013). Therefore, the pair has already formed a strong support at 1.3135. Moreover, after it could close below 1.3135 and the pair started signing for bullish market above this level, it should also be note that the price has still been trapped between 61.8% Fibonacci Retracement levels and 78%.

The RSI and the last strong support (1.3135 on H1 chart) are still calling for uptrend at this level as well. So the market indicates a bullish opportunity on level of 1.3135 on H1 chart with a first target of 1.3200 and continues towards 1.3245 above the daily support 1. However, in case a reversal takes place and the EUR/USD pair breaks through the support level of 1.3135 then the market will lead to further decline to 1.3025.

Intraday technical levels:

R3: 1.3420

R2: 1.3310

R1: 1.3246

PP: 1.3136

S1: 1.3072

S2: 1.2962

S3: 1.2898

If you have any questions or requests, please feel free to contact me: [email protected].

The material has been provided by InstaForex Company – www.instaforex.com

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