FX.co ★ Intraday technical levels and trading recommendations for EUR/USD for March 13, 2014

Successive ascending bottoms were established on the daily chart. This means the uptrend line established on September 2013 is still intact.

As expected, the ongoing bullish impulse succeeded in hitting price level of 1.3900. This level corresponds to 100% Fibonacci Expansion.

Daily closure above 1.3900 will enable the pair to reach its next destination at 1.3980 corresponding to 127% Fibonacci Expansion.

As expected, bullish momentum needed 4H closure above 1.3888 to remain strong for further bullish targets around 1.3950 initially.

Technically, the price zone of 1.3888-1.3840 remains an important Intraday demand zone for the pair. Price action should be watched for a possible BUY entry.

Stop loss for the bullish scenario is located below 1.3825. 

4H breakdown below 1.3830 will probably invalidate the bullish scenario opening the way towards 1.3770 initially.