EUR/USD: trading recommendations for October 15, 2013

Forecast: (short term)

EUR/USD: It should be noted that we got a weekly pivot point at the level of 1.3545. In addition, a gap has opened above the weekly pivot point. Therefore, the market will probably indicate a bearish opportunity at the level of 1.3605 and the gap will act as strong resistance at the level of 1.3545. Thus, according to the previous events, the price has still been below 1.3605. Thenceforward, the area below 1.3605 (below 100% of Fibonacci retracement levels) looks for further downside with the 1.3550 and 1.3483 targets. However, stop loss should be placed above 1.3635.

Intraday technical levels:

Date & Time: 15/10/2013 01:56

Pair: EUR/USD 

Projected High: 1.3735 

Breakout (Buy Stop): 1.3680 

Strong Resistance (Sell Limit): 1.3650 

Current Pivot: 1.3572 

Strong Support (Buy Limit): 1.3494 

Breakout (Sell Stop): 1.3469 

Projected Low: 1.3419