FX.co ★ EUR/USD: Intraday technical analysis for March 20, 2013

Pivot point: 1.3030

Overview:

The EURUSD's support has been broken and it was turned to resistance around the price of 1.3030 a week ago (March 15, 2013). Therefore, the pair has already formed a strong resistance at 1.3030. Moreover, after it could close above 1.3030 and the pair started signing for bearish market below the gab, it should also be note that the price has still been trapped between 38.2% Fibonacci Retracement levels and 23.6. The RSI and the last strong support (around the double bottom (1.2853) on H1 chart) are still calling for uptrend at this level as well. So the market indicates a bullish opportunity on level of 1.2853 on H4 chart with a first target of 1.2940 and continues towards 1.2980 above the weekly support 1. However, in case a reversal takes place and the EUR/USD pair breaks through the support level of 1.2955 then the market will lead to further decline to 1.2830.

RSI: Observations:

• Please check out the market volatility before investing, because the sight price may have already been reached and scenarios become invalidate.
• Sellers are ASking for a high price.

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