Weekly technical levels of the EUR/USD pair.

Overview:

• The EURUSD pair support was broken and turned to resistance around the price of 1.3688 last week (May 23, 2014). The new support is coinciding with the ratio of 61.8% Fibonacci retracement levels. Therefore, the pair is going to form strong resistance at the above-mentioned level. Moreover, after it could not close above 61.8% Fibonacci retracement levels (1.3688), then the pair started signing for bearish market at this level. Thus, the EURUSD pair will be called in a downside momentum rather convincing and the structure of the fall does look not corrective, in order to indicate the bearish opportunity below 1.3690. For that it will a good sign to sell below 1.3690 with the first target of 1.3660 (the weekly pivot point has set at the level of 1.3659 for May 26-30, 2014) and it will call for downtrend in order to continue bearish towards 1.3615 for testing the double bottom. However, it should also be noted that the price has still been moving between 1.3670 and 1.3630. Also, the MA(50) is still calling for downtrend at this spot.