FX.co ★ EUR/USD technical analysis for April 12, 2013

Overview:

It should be noted that the price has still been above 100% Fibonacci Retracement levels (it is already broken). Moreover, after it failed to close below 100% Fibonacci Retracement, the market started showing bullish signs, and the price set above the level of 1.3030. Therefore, the market indicates a bullish opportunity at the level of 1.3030 with the first target of 1.3150, and continues towards 1.3219 setting the weekly support 2 as well as the RSI above 50 in the daily chart, which means it is still calling for uptrend to continue a bullish move towards 1.3300 for next week. According to previous events, the market is still calling for a bullish momentum above the level of 1.3030, and it looks for further upside with the first target of 1.3250 and then 1.33, and a stop loss should be set at the level of 1.2980 (below the last strong support).

If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.