The EURUSD’s support was broken and it was turned to resistance since seven days (June 20, 2013). Therefore, the pair has already formed a strong resistance at 1.3211. Moreover, after it could not close above 38.2% Fibonacci retracements levels and start signing for bearish market, and the price has placed below 50% Fibonacci since two week. Additionally, the weekly pivoit point for 24 — 28, June, 2013 had been set at the level of 1.3211. Furthermore, it should also be noted that the price has still been trapped between 1.3050 and 1.3095. In the same the RSI and the moving average (100) are still calling for downtrend. Thus, the market indicates a bearish opportunity on level of 1.3211 on H1/H4 chart with a first target of 1.3066, and continues towards 1.3010. However, if the price closes above the resistance then the best location for placing a stop loss should be above 1.3250.
Notes:
1.3007 is a resistance that it had broken on 03/06/2013. And it became a strong support.
Range: 204 pips (for the week).
The material has been provided by InstaForex Company – www.instaforex.com
Notes:
1.3007 is a resistance that it had broken on 03/06/2013. And it became a strong support.
Range: 204 pips (for the week).
The material has been provided by InstaForex Company – www.instaforex.com
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