Pivot Point: 1.3166.

Time Frame: H4

Overview:

The EUR/USD pair has broken the resistance level and turned towards the support level near the last week's point 1.3110 (March 16, 2012). Therefore, the pair has already formed a strong support at 1.3110. Moreover, having failed to close below 1.31, the pair started showing a bullish market at this level. It is necessary to mention that these levels coincide with strong levels for bulls on H4 chart, and the pair has formed a strong support at the level 1.311. So the pair will move upwards which is a convincing fact; the structure of the upside movement looks as non-corrective indicating a bullish opportunity above 1.3110. This can be a good sign to buy the pair above 1.3110 with the first target at 1.33 initiating an uptrend in order to continue the bullish mood towards the point 1.317 and further to 1.3300. However, it should also be noted that the price is still between 1.3390 and 1.32, as the RSI and the last strong resistance level are still able to begin a downtrend at this level. So the market indicates a bearish opportunity at the level 1.3305 on H4 chart with the first target 1.317 (Weekly Pivot Point) and continues towards 1.31.

Trading Recommendations:

According to previous events, the price is still located between 1.3305 and 1.3170.

Buy-deals should be opened above 1.3130 with the targets seen at 1.317 and 1.33 levels.
Below 1.3303 look for further downside pace with the first target seen at 1.3223 and 1.3170 levels.

Technical Levels:

R3: 1,3343
R2: 1,3277
R1: 1,3232
PP: 1,3166
S1: 1,3121
S2: 1,3055
S3: 1,3010