Weekly technical levels for the EUR/USD pair.
Trading recommendations :
- The price of the EUR/USD pair is going to continue to bearish sentiment from the level of 1.2600. Also, it should be noted that the minor resistance will set at the price of 1.2592 which coincides with the weekly pivot point for November 3-7, 2014. Accordingly, it will be a good sign to sell below 1.2592/1.2600 with the first target of 1.2480 to test a minor support at this price. Also, it will call for downtrend in order to continue its bearish movement towards 1.2416. Equally important, the support will set at the 1.2416 level (the weekly support one). Additionally, it should be noted that a range today will be about 71 pips. However, the stop loss should be placed above 1.2600 at the price of 1.2633.
General idea about the pivot point .
- Resistance 3 and support 3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through. Pivot lines work well in the sideways markets, as the prices are most likely to be located between the resistance 1 and support 1 lines. Within a strong trend, the price is expected to be lower than the pivot point line and continue moving. If the breaking news released may affect the market, the price is likely to go straight through resistance 1 or support 1 and even reach resistance 2 and resistance 3 or support 2 and support 3. If the trend breaks resistance or support through, it is likely to result in a significant price movement, it is also referred to as breakout.
The material has been provided by InstaForex Company - www.instaforex.com
