Pivot Point: 1.3215.
Time Frame: H4
Overview:
The EUR/USD pair has broken the support level and turned towards the resistance level near the last week's point 1.3309 (March 2, 2012). Therefore, the pair has already formed a strong resistance at 1.3309. Moreover, having failed to close above 1.33, the pair started showing a bearish market at this level. It iss necessary to mention that these levels coincide with strong levels for bulls on H4 chart, and the pair formed a strong resistance at the level1.3309. So the pair will move downwards which is a rather convincing fact; the structure of the downside movement looks as non-corrective indicating a bearish possibility below 1.33. This can be a good sign to sell the pair below 1.33 with the first target at 1.3180 initiating a downtrend in order to continue the bearish mood towards the point 1.3122 and further to 1.3055. However, it should also be noted that the price is still between 1.3290 and 1.3003, as the RSI and the last strong support level are still able to begin a downtrend at this level. So the market indicates a bullish opportunity at the level 1.3 on H4 chart with the first target 1.3122 (Weekly Pivot Point) and continues towards 1.32.
Trading Recommendations:
According to the previous events, the price is still located between 1.3290 and 1.3.
Buy-deals above 1.3 with target seen at 1.2940 and 1.316 levels.
Below 1.33 look for further downside pace with the first target seen at 1.3020 and 1.2940 levels.
Technical Levels:
R3: 1.3414
R2: 1.3339
R1: 1.3290
PP: 1.3215
S1: 1.3166
S2: 1.3091
S3: 1.3042
Observation (s):
Please, consider the market volatility before investing, as the sight price may has already been reached and scenarios invalidated.
Buyers are BIDding at a lower price.
Sellers are ASKing for a high price.
