Daily fixation below 1.3870 gathered enough bearish pressure to push towards the recent demand zone around 1.3700.
Thus, the EUR/USD pair established a new supply level at 1.3845. It rejected the bulls on March 24 strongly so any further visits should be considered for selling.
At the end of the previous week, there has been an intraday demand level expressed at 1.3700 which paused the recent slide off 1.3965 pushing again towards 1.3800.
The price level of 1.3820 corresponds to previous significant tops. Bearish rejection was expressed at retesting that took place last week.
That's why, bearish pressure is being applied on price level of 1.3700 to get broken this time.
The price zone of 1.3830-1.3850 remains a significant supply zone. It provided a valid sell entry at the previous retesting on March 24.
On the other hand, as expected, failure to fix above 1.3790 exposed the recent low established at 1.3700 to be retested again which is taking place today.
Four-hour candlestick fixation below which opens the way towards lower lows to be visited at 1.3655 ( Fibonacci Expansion 100% ) and 1.3580.
Please note that the uptrend line comes to meet the pair roughly at 1.3700-1.3680 which acquires this level a significant importance as an intraday support.
The material has been provided by InstaForex Company - www.instaforex.com
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