FX.co ★ Technical analysis of EUR/USD for August 29, 2014

Overview:

• The EUR/USD pair rebounded at the level of 1.3220. It showed signs of strength following the level of 1.3220. As expected, the minor support was broken and turned to minor resistance at the same key level (1.3220). Another thought, the price set below the resistance four days ago. Consequently, the pair has already formed a big gap around the spot of 1.3220 and 1.3240. Furthermore, the price has still been moving between 1.3220 and 1.3150. Therefore, the EUR/USD pair started showing the signs of a bearish market. So, the market indicates the bearish opportunity at the level of 1.3220/.3240 with the first target of 1.3170, and continues towards the level of 1.3115 in order to try testing the weekly support 2. Notwithstanding, the stop loss should always be taken into account. Thus, it will be wise to set your stop loss at the 1.3285 price. Also, it should be noted that the price of 1.3285 represents the weekly pivot point.

Intraday technical levels:

Date and Time:29/08/2014 11:27

Pair: EUR/USD

• R3: 1.3274
• R2: 1.3247
• R1: 1.3215
• PP: 1.3188
• S1: 1.3156
• S2: 1.3129
• S3: 1.3097