Overview :
- The major resistance of EUR/USD has set at the level of 1.3685. Before, the level of 1.3685 was representing strong support but the support was broken and turned to resistance. Therefore, the pair has already formed strong resistance at 1.3685. Equally important, after it could not close above 1.3711 (the weekly resistance 1) and the pair started signing bearish market at this level. Also, this level is coinciding the ratio of 38.2% Fibonacci retracement levels in H4 chart. Consequently, the EUR/USD pair will have a downside momentum rather convincing and the structure of the fall does not look corrective. Then, the market will indicate a bearish opportunity below the level of 1.3711 for that it will be a good sign to sell below 1.3711 with the first target of 1.3605 and it will call for downtrend in order to continue bearish towards 1.3504 (the double bottom).
Notes :
- The price is going to move between 1.3660 and 1.3563.
- The RSI is calling for downtrend.
- We expect a range of 63 pips to 75 pips on June 13, 2014.
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