The EURUSD corrected lower yesterday from 1.3800 levels, but the pair was rejected from 1.3838 levels – 31 Oct 2013 high – and printed support on the daily chart at 1.3736 according to the daily %R (Williams) . This development is likely to retest 1.3800 levels once again , main resistance is at 1.3832 levels, If this important resistance is taken out, the pair will extend its gains towards 1.4025 levels?!!!
On the downside , bearish divergence is under development , neckline comes at 1.3736 levels, losing this level on a daily basis sooner or later would target 1.3523 levels before the next possible rise !!!
Since the daily %R(Williams) is mixed , the pair is likely to fluctuate around 1.3736/1.3810 levels before the next move?!!
Support and resistance : 1.3399, 1.3489 , 1.3523 , 1.3736 , 1.3832 , 1.4025