The EURUSD pair’s support was broken and it was turned to resistance for a week. Therefore, the pair has already formed a strong resistance at 1.3460. Moreover, after it could not close above 61.8% Fibonacci retracements levels and start signing for bearish market, and the price has placed below 61.8% Fibonacci since two week. Additionally, the weekly pivot point on November 11 – 15, 2013 had been set at the level of 1.3404. Furthermore, it should also be noted that the price has still been trapped between 1.3400 and 1.3445.
At the same time the RSI and the moving average (100) are still calling for downtrend. Thus, the market indicates a bearish opportunity on level of 1.3460 on H1 chart with a first target of 1.3380, and continues towards 1.3325. However, if the price closes above the resistance then the best location for placing a stop loss should be above 1.3493.
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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