Overview:
The price is probably going to form a strong support at 0.9392 (above 61.8% of Fibonacci retracement levels in the H1 chart, it is formed the last bearish wave for the last week and the level of 0.9382 acts as strong support). The saturation is likely to take place around 0.938 because this level also forms the first strong support for April 22, 2013. Therefore, it is possible that the market will start showing bullish signs. The weekly support 3 is set at the level of 0.9520. In other words, buy deals are recommended above 0.9392 with the first target seen at the 0.9450 level and further at the 0.9515 level. Thus, it should be noted that the level of 0.9520 is a strong resistance (weekly support 3).
If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.
