Trading recommendations :
- According to the previous events, the EUR/USD pair has still traded between the supports of 1.1288/1.1200 and the resistance of 1.1432/1.1460.
- First outlook: Sell below the price of 1.1459 which represents the weekly resistance 1with the first target at the 1.1369 price (the weekly pivot point is set at 1.1369), then it will call fora downtrend in order to continue its bearish movement towards 1.1304 and 1.1288 to test this strong support (it should be noted that the price of 1.1288 is going to form the weekly support 1). At the same time, the stop loss should be placed at the level of 1.1486.
- Second outlook: In the long term, buy above the price of 1.1288 (if the trend fails to close below it) with a target at 1.1355. It should also be noticed that the price of 1.1432 is representing the double top on H4 chart.
Observations :
- The key level will be found at the price of 1.1369.
- The resistance will set at the level of 1.1459 today.
- The double top is going to set at the 1.1536 price this week.
- The area of 1.1460 is a useful spot to sell in the long term.
- We expect a range of 85 pips on February 26, 2014.
- It should be noted that if there is no significant news to influence, the market price will be moving from the pivot point to resistance 1 or support 1. But if there is significant news to influence, the market price may go straight through resistance 1 or support 1 and reach resistance 2 or support 2 and even resistance 3 or support 3.
Weekly technical levels :
- Reisstance 2: 1.1536
- Reisstance 1: 1.1459
- Pivot point: 1.1369
- Support 1: 1.1288
- Support 2: 1.1198
The material has been provided by InstaForex Company - www.instaforex.com
