Overview:
As expected, the EUR/USD's turbulent rise from 1.2920 has extended further to as high as 1.3047 yesterday. It should be noted that the price has still been trapped between 23.8% Fibonacci Retracement levels and 00%, Moreover, after it failed to close above 38.2% Fibonacci Retracement, the market started showing the bearish signs, and the price set below 38.2% Fibonacci. Therefore, the market indicates a bearish opportunity at the level of 1.2910 (note that the daily pivot point is also 1.2909) with the first target of 1.2830, and continues towards 1.2780 setting the weekly support 2 as well as the RSI is below 50 in the daily chart, meaning it is still calling for downtrend to continuing a bearish move towards 1.2690.
Forecast:
Use historic rates for determining future prices. According to previous events, the market is stil calling for a bearish momentum below the level of 1.2910 and it looks for further downside with the first target of 1.2830 then 1.2780.
Intraday technical levels:
R3: 1.3210
R2: 1.3128
R1: 1.2991
PP: 1.2909
S1: 1.2772
S2: 1.2690
S3: 1.2553
Observations:
If sellers ask for a high price at the level of 1.2910, then on March 26, 2013, the market will be downtrending.If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.