Overview:
The EUR/USD's support was broken and turned to resistance on the 28th of August 2013, thus the pair has already formed strong resistance at 1.3356. Moreover, after it could not close above 100% Fibonacci retracement levels it started indicating a bearish market, the price has been placed below 78% Fibonacci within two weeks in the 4H chart. Additionally, it should also be noted that the price has still been trapped between 50% Fibonacci retracement levels and 00%. Equally important is that the RSI and the Moving Average (100) are still calling for downtrend. Therefore, the market indicates the bearish opportunity at the level of 1.3500 in H4 chart with the first target of 1.3266 and further towards 1.3150. On the other hand, if the price closes above the resistance then the best location for placing a stop loss should be above 1.3410. However, the level of 1.3150 will set a strong support for September 4 - 5, 2013 then it is of the wisdom to long buying at 1.3150 with a first target the weekly pivot point at the level of 1.3266 then it will continue towards the resistance at 1.3356 in order to test it.