EUR/USD: intraday technical analysis for June 5, 2013

Overview: 

The EUR/USD pair’s support had been broken and it was turned to resistance around the price of 1.3188 for a month. Therefore, the pair has already formed a strong resistance at 1.3188. Moreover, after it could close above 1.3100 and the pair started signing for bullish market, it should also be noted that the price has still been trapped between 161.8% Fibonacci Retracement levels and 100%. As well the RSI and the last strong support (around the double bottom (1.2965) on H1 chart) are still calling for uptrend at this level. Hence, the market indicates a bullish opportunity on level of 1.2965 on the H1 chart with the first target of 1.3053 and continues towards 1.3093 above the weekly pivot point. However, in case reversal takes place and the EUR/USD pair breaks through the support level of 1.3012, the market will lead to futher decline to 1.2960.