EUR/USD: intraday technical analysis for May 29, 2013
The EUR/USD pair’s support had been broken and it was turned to resistance around the price of 1.3011 last week. Consequently, the pair has already formed a strong resistance at 1.3010. Furthermore, after it could close above 1.3000 and the pair started signing for bullish market, it should also be noted that the price has still been trapped between 50% Fibonacci Retracement levels and 100%. As well the RSI and the last strong support (around the double bottom (1.2834) on H4 chart) are still calling for uptrend at this level. So the market indicates a bullish opportunity on level of 1.2834 on H1/H4 chart with the first target of 1.2920 and continues towards 1.3010 above the weekly pivot point and meanwhile the level of 1.3010 will be formed the weekly resistance 1. On the other hand, in case reversal takes place and the EUR/USD pair breaks through the support level of 1.2890, the market will lead to futher decline to 1.2800.
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