Overview:

• The EUR/USD pair has rebounded from the minor support at the level of 1.3731, and it is now approaching its support in order to test it. Moreover, it should be noted that the price of 1.37316 is representing the weekly pivot point for April 9, 2014. Equally important, the weekly pivot point is coinciding with the ratio of 38.2% Fibonacci retracement levels. Consequently, it will probably start upside movement in this area and recover again. Therefore, it will be a good sign to buy at this spot with the first target of 1.3791 (it should be noted that this level will form the weekly resistance 1) and continue towards 1.3819 to form the double top. On the other hand, in case of a break of 1.3707, a good place for stop loss will be below 1.3700.

Notes:

• The major resistance will be set at the level of 1.3810.
• The minor support is going to be placed at 1.3730.
• We expect a new range of about 80 pips today.