FX.co ★ EUR/USD technical analysis for November 13, 2013

Overview:

• The EURUSD pair's support was broken and it was turned to resistance for a week. Therefore, the pair has already formed a strong resistance at 1.3460. Moreover, after it could not close above 61.8% Fibonacci retracements levels and start signing for bearish market, and the price has placed below 61.8% Fibonacci since two week. Additionally, the weekly pivot point on November 11 - 15, 2013 had been set at the level of 1.3404. Furthermore, it should also be noted that the price has still been trapped between 1.3400 and 1.3445.

• At the same time the RSI and the moving average (100) are still calling for downtrend. Thus, the market indicates a bearish opportunity on level of 1.3460 on H1 chart with a first target of 1.3380, and continues towards 1.3325. However, if the price closes above the resistance then the best location for placing a stop loss should be above 1.3493.