Long-term review
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Overview:
- The EUR/USD's resistance was broken and it turned to support around the area of 1.3624 since last week. Thus, the pair has already formed strong support at 1.3624. Also, it should be noted that the weekly pivot point is going to set at the same level on July 1, 2014. But a minor support will be set at the level of 1.3655. Moreover, it could not close below 1.3619 (23.6% Fibonacci retracements levels) and started indicating a bullish market. Additionally, the price has been placed above 23.6% Fibonacci for three or four days. Futhermore, it should also be noticed that the price has still been trapped between 50% Fibonacci retracement levels and 23.6%. Equally important, the RSI and the moving average (50, 75, 100) are still calling for uptrend. Therefore, the market indicates a bullish opportunity at the level of 1.3624 in H1 or H4 chart with the first target of 1.3700, and continues towards 1.3740. On the other hand, if the price closes below the minor support then the best location for placing a stop loss should be below 1.3616. So, the price will fall into the bearish market in order to go further towards the strong support at 1.3587 to test it again. However, the resistance for June 1, 2014 will be set at the level of 1.3751. Hence, it will be wisdom to sell at this level with the first target at the 1.3675 level, and it will continue towards 1.3624 (the weekly pivot point).
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