Overview:
- The EURUSD pair's support was broken and it was turned to resistance for a month. Therefore, the pair has already formed a strong resistance at 1.362. Moreover, after it could not close above 127.2% Fibonacci retracements levels and start signing for bearish market the price has placed below 127.2% Fibonacci since November 1, 2013. Additionally, the weekly pivot point on November 25 - 29, 2013 had been set at the level of 1.34511 (and daily pivot point is set at the level of 1.3540 for November 26, 2013). Furthermore, it should also be noted that the price has still been trapped between 1.3530 and 1.3590. At the same time the RSI and the moving average (100) are still calling for downtrend. Thus, the market indicates a bearish opportunity on the level of 1.3620 on H1 chart with the first target of 1.3570, and continues towards 1.3510. However, if the price closes above the resistance, then the best location for placing a stop loss should be above 1.3640.
Intraday technical levels:
Date & Time: 26/11/2013 13:17
Pair: EUR/USD
- R3: 1.3627
- R2: 1.3599
- R1: 1.3572
- PP: 1.3544
- S1: 1.3517
- S2: 1.3489
- S3: 1.3462
