The weekly technical levels for EUR/USD pair:
Overview :
- According to the previous events, the price of the EUR/USD pair is going to move between the levels of 1.1220 and 1.1370. The levels of 1.1220 and 1.1370 are representing the weekly support 2 and the weekly pivot point, respectively. Therefore, it will be very profitable to sell below the level of 1.1369, which represents the weekly pivot point on the H1 chart, with the first target at 1.1278 in order to test the double top (also, you have to note that the weekly 1 is set at the price of 1.1288). Then, the trend will be able to continue toward the levels of 1.1235 and 1.1200. Also, it should be noted that the weekly resistance 2 coincides with the price of 1.1198. Nevertheless, the stop loss should be set at 1.1412.
Notes :
- We expect a range about 270 pips this week.
- The risk of 180 pips must make a profit of 270 pips.
- The value of 61.8% Fibonacci retracement levels is 1.1383.
- The weekly pivot point will be set at the price of 1.1363.
- The level of 1.1383 will confirm the bullish market.
- Volatility was 194.32; as a rule, the market is highly volatile if the last day had a huge volatility.
The material has been provided by InstaForex Company - www.instaforex.com
