The weekly technical levels for EUR/USD pair:
Overview :
- The level of 1.1114 is going to form a double bottom on the H1 chart from the last week. Today, the pair has formed new double bottom at the point of 1.1097. According to the previous events, the price of EUR/USD is going to move between 1.1332 and 1.1110. It should be also noted that the market was very stable, and trend was also very clear (downward) last week. We expect bearish market today from the area of 1.1332. Moreover, the weekly pivot point has been set at the 1.1332 level for that it will act as strong resistance. So, sell below the level of 1.1332 (this level represents the weekly pivot) with the first target of 1.1114, it might resume to 1.0988 tomorrow in order to test the weekly resistance one. However, the stop loss should be always taken into account, therefore, it will be very beneficial to set your stop loss at the price of 1.1363.
The material has been provided by InstaForex Company - www.instaforex.com
