Overview:
The EUR/USD pair has successfully tested the resistance area set by the recent high at 1.3920 today besides the intraday key resistance at 1.3960. Accordingly, EUR/USD is challenging the psychological resistance at 1.3960. Equally important, bears are asking for a high price at 1.3960 because buyers have not breached the resistance, suggesting a bearish possibility below this level. In consequence, it should become a bear investor who believes that the trend is going to fall because the market will be called for a bearish market (downtrend). In particular, the pair is now moving down from the double top and it is going to decrease by 65 pips that may look for a support around 1.3888, so it is very profitable to take profit at 1.3890 as an initial target today.Notes:
The resistance will set at the level of 1.3960 today. The double top is going to set at the 1.3920 price. The area of 1.3960 is useful spot to sell in the long term. We expect a range of 65 pips on May 6, 2014.