EUR/USD: technical analysis for August 28, 2013

Trading recommendations:

According to the previous events, the price of the EUR/USD pair is still between the levels of 1.3377 and 1.3340. Moreover, it should be noted that the market was so stable and the trend was also too clear (downward). Similarly, the range was around 125 pips last week. Additionally, the value of 61.8% Fibonacci retracement levels is 1.3392 for that the key level of 1.3392 is represented for downtrend to confirm the bearish market. Therefore, sell deals are recommended below the 1.3392 level with targets at 1.3376 in order to test the weekly pivot point, and it will resume towards 1.3303 to retest the weelky support 1.

Support: 1.3302

Range: 125 pips.

Trend: Bearish market (short term).