FX.co ★ EUR/USD: intraday technical analysis for May 1, 2013

Overview:

The EURUSD's resistance had been broken and it was turned to support around the price of 1.3156 yesterday. Therefore, the pair has already formed a strong support at 1.3156. Moreover, after it could close below 1.3150 and the pair started signing for bullish market, it should also be noted that the price has still been trapped between 1.3150 and 1.3215.

As well the RSI and the last strong support (around the double bottom (1.3100) on H4 chart) are still calling for uptrend at this level. Thus the market indicates a bullish opportunity on the level of 1.3100 on the H4 chart with a first target of 1.3200 and continues towards 1.3250 today. However, in case the reversal takes place and the EUR/USD pair breaks through the strongest support level of 1.3100, the market will lead to further decline to 1.3023 (the weekly pivot point).

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