Overview :
- The resistance is set at the level of 1.2582 and the double top was placed at 1.2599 on November 21, 2014. Consequently, the price of the EUR/USD pair is going to turn to the bearish sentiment from the level of 1.2582. Accordingly, it will a good sign to sell in this area with the first target of 1.2488 to test a minor support at this price which represents the weekly pivot point today. Also, if the trend can break the weekly pivot point, it will call for a downtrend in order to continue its bearish movement towards 1.2430 because the support will set at the 1.2430 level. At the same time, the stop loss should be placed above 1.2599 at the price of 1.2530.
Trading recommendations :
- According to previous events, the EUR/USD pair is trapped between 1.2550 and 1.2419 .
- The resistance will be formed at the level of 1.2582 providing a clear signal for sell deals with the targets seen at 1.2488 and 1.2430.
- Stop-loss is to be placed above 1.2630.
The material has been provided by InstaForex Company - www.instaforex.com
