Long-term review
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Overview:
- The EURUSD pair's support was broken and it turned to resistance for a month. Therefore, the pair has already formed strong resistance at 1.3830. Moreover, after it could not close above 161.8% Fibonacci retracements levels and start signing for the bearish market, the price was placed below 1.3817 on December 12, 2013. Additionally, the weekly pivot point for December 9-13, 2013 had been set at the level of 1.3645 (and daily pivot point is set at the level of 1.3765 for December 12, 2013). Furthermore, it should also be noted that the price has still been trapped between 1.3813 and 1.3735. At the same time, the Stochatsic and the moving average (100) are still calling for downtrend. Thus, the market indicates a bearish opportunity at the level of 1.3820 in H1/H4 charts with the first target of 1.3754, and continues towards 1.3705. However, if the price closes above the resistance, then the best location for placing a stop loss should be above 1.3825.
Notes:
- Resistance: 1.3815-30
- Double top: 1.3832
- The main range is 1.3713 to 1.3832.
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