Technical analysis
Mohamed Samy
The weekly demand/support zone 1.3717-1.3432 has proven its strength in stopping the decline of price.
We have recent daily candlesticks which look bullish but not that strong as it's supposed to have more bullish reaction at similar support area.
Yesterday the pair tested 61.8% fibonacci level failing to stabilize above it.
As we see here on 4H chart, price couldn't fixate below 1.3432 for more than one 4H candlestick.
Also we have a small double buttom pattern with neck line at 1.3550 and its full target at 1.3737.
Yesterday we suggested buying at 1.3550 which is the neckline of the pattern,
Two TP levels for the position were hit yesterday,
The same position is still suggested for today as nothing significant happened yesterday.
SL should be below 1.3470 & TP at 1.3600, 1.3660 then 1.3737
http://instaforex.com/forex_analysis/40070?x=OUE
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