Overview: (bearish outlook for September 13, 2013)
The EUR/USD's resistance was broken and it was turned to support for three days (September 9 - 13, 2013), thus, the pair has already formed strong support at 1.3205 and minor support at the level of 1.32370. Moreover, it could not close below 100% Fibonacci retracements levels and started indicating a bullish market, as well as the price placed above 100% Fibonacci for three days. Additionally, it should also be noted that the price has still been trapped between 100% Fibonacci retracement levels and 161.8%. Equally important, the RSI and the moving average (100) are still calling for uptrend. Therefore, the market indicates the bullish opportunity at the level of 1.32 at M15 and H1 charts with the first target of 1.3263, and continues towards 1.3293 in order to test the weekly resistance 2. On the other hand, if the price closes below the minor support, then the best place for a stop loss should be below 1.3180, thus the price will call for a bearish market in order to go further towards the strong support at 1.3120 to test it again.
