The EUR/USD pair’s support was broken and turned to resistance for a week. Therefore, the pair has already formed a strong resistance level at 1.3810. Moreover, it could not close above 100% Fibonacci retracement levels. The price has been placed below 100% Fibonacci on December 18, 2013. Additionally, the daily pivot point has been set at the level of 1.3777 on December 18, 2013. Furthermore, it should also be noted that the price has still been trapped between 1.3733 and 1.3790. At the same time, the RSI and the moving average (100) are still calling for uptrend (time frame H1). Thus, the market indicates a bullish opportunity at the level of 1.3630 with the first target at 1.3750 and further at 1.3800 in H1 chart. However, if the price closes below the support level, then the best place to set a stop loss should be below 1.3650.
Note: RSI above 50.
The material has been provided by InstaForex Company – www.instaforex.com
The material has been provided by InstaForex Company – www.instaforex.com
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