FX.co ★ EUR/USD: technical analysis for August 15, 2013

Trading recommendations:

According to the previous events, the price of the EUR/USD pair is still between the levels of 1.3250 and 1.3290. Moreover, it should be noted that the market was so stable and the trend was also too clear (upward). Similarly, the range was around 170 pips last week. Additionally, the value of 23.6% Fibonacci retracement levels is 1.3270 for that the key level of 1.3270 is represented for an uptrend to confirm the bullish market. Therefore, buy deals are recommended above the 1.3270 level with targets at 1.3324 in order to test the weekly pivot point, and it will resume towards 1.3363. However, the descending movement will probably be lower than the 1.3400 level (it will form a double top) with the first targets at 1.3340 and 1.3270.

Intraday technical levels:

Date:15/08/2013

Pair:EUR/USD

Projected High:1.3447

Breakout (Buy Stop):1.3392

Strong Resistance (Sell Limit):1.3362

Current Pivot:1.3283

Strong Support (Buy Limit): 1.3203

Breakout (Sell Stop): 1.3178

Projected Low: 1.3128