FX.co ★ EUR/USD technical analysis for June 21, 2013

Overview:

The EUR/USD's resistance (1.3180) has broken and it turned to support last week, therefore the pair has already formed a strong support at 1.3180. Moreover, after it could not close above 00% Fibonacci retracements levels and start signing for bullish market, and the price has placed above 23.6% Fibonacci. It should also be note that the level of 1.3180 is going to form double bottom and the price has still been trapped between 50% Fibonacci retracement levels and 23.6%. As well, the RSI and the Moving Average (100) are still calling for uptrend.

Hence, the market indicates a bullish opportunity at level of 1.3180 in daily H1 with the first target of 1.3250 and continues towards 1.3315. However, if the price closes below the support, then the best location for placing a stop loss should be below 1.3140.