FX.co ★ EUR/USD intraday technical analysis for March 29, 2013

Overview:

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 bearish signs, and the price set below 38.2% Fibonacci. Therefore, the market indicates a bearish opportunity at the level of 1.2900 (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 below 50 in the daily chart, which means it is still calling for downtrend to continuing a bearish move towards 1.2725.

According to previous events, the market is stil calling for a bearish momentum below the level of 1.2900 and it looks for further downside with the first target of 1.2830 then 1.2730.

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