Overview:
The EUR/USD's resistance has been broken and it was turned to support since a week (11 of July 2013), thus the pair has already formed a strong support at 1.3009 (this level will be formed at the weekly pivot point) and a minor support will be set at the level of 1.3033. Moreover, it could not close below 1.2980 (50% Fibonacci retracements levels) and started indicating a bullish market, as well as the price placed above 50% Fibonacci for eight days. Additionally, it should also be noted that the price has still been trapped between 61.8% Fibonacci retracement levels and 78%.
Equally important, the RSI and the moving average (50) are still calling for uptrend. Therefore, the market indicates the bullish opportunity on level of 1.2980 at H4 or daily charts with the first target of 1.3120, and continues towards 1.32530. On the other hand, if the price closes below the minor support then the best location for placing a stop loss should be below 1.2925, thus the price will fall for a bearish market in order to go further towards the strong support at 1.2813 to test it again, furthermore, it should be noted that the level of 1.2813 is going to form the weekly support 1.
