Daily pivot point: 1.3626.
Overview:
- The EUR/USD pair's support was broken and it was turned to resistance since November 1, 2013. Therefore, the pair has already formed a strong resistance at 1.3717.
- 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 on December 6, 2013 (short term).
- Additionally, the daily pivot point on December 6, 2013 had been set at the level of 1.3626. Furthermore, it should also be noted that the price has still been trapped between 1.3626 and 1.3680. At the same time the RSI and the moving average (100) are still calling for uptrend (time frame M15). Thus, the market indicates a bullish opportunity on the level of 1.3630 on M15 chart with the first target of 1.36800, and continues towards 1.3715. However, if the price closes below the support, then the best location for placing a stop loss should be below 1.3600.
- Resistance: 1.3715 | 1.3790
- Support: 1.3630
Notes:
Yesterday: 5.12.2013
- Range: 134 pips.
- Risk of 134pips must make a profit of 201,00 (A risk to reward ratio of 1:1.5 is recammended)
- Volatility: 182,36therefore the market indicates the higher volatility.
- Volatility Formula: Variation = Average * (Higher - Lower).
Intraday technical levels:
- R3: 1,3851
- R2: 1,3763
- R1: 1,3717
- PP: 1,3629
- S1: 1,3583
- S2: 1,3495
- S3: 1,3449
