Pivot Point: 1.3327.
Time Frame: H4
Overview:
The EURUSD's support has broken and it was turned to resistance around the price of 1.3550 a week ago (23rd of November 2011), therefore the pair has already formed a strong resistance at 1.3550. Moreover, after it could close above 1.3230 and the pair started signing for bullish market, It should also be note that the price has still been trapped between 1.32 Fibonacci Retracement levels and 1.36. Aswell the RSI and the last strong support (Around the double bottom (1.3149) on H4 chart) are still calling for uptrend at this level. So the market indicates a bullish opportunity on level of 1.3230 on H4 chart with a first target of 1.3350, and continue towards 1.3525 above the weekly pivot point. However, in case of reversal takes place and the EUR/USD breaks through the support level of 1.3150 then the market will lead to futher decline to 1.3.
Trading Recommendations:
According to previous events, the price has still been trapped between 1.32 and 1.36.
- Buy above 1.323 with target at 1.335 then 1.35.
- Below 1.315 look for further downside with a target of 1.3.
Technical Levels:
R3: 1.3509
R2: 1.3453
R1: 1.3383
PP: 1.3327
S1: 1.3257
S2: 1.3201
S3: 1.3131
Observation (s):
Please check out the market volatility before investing, because the sight price may have already been reached and scenarios become invalidate.
Buyers are BIDding at a lower price.
Sellers are ASking for a high price.
