Overview :
- The market of the EUR/USD pair has opened above daily support at 1.0842 today. The support has been already set at the level of 1.0840, which represents astrong level. Additionally, the double bottom is also coinciding with the same price in the H1 chart. Moreover, the EUR/USD pair reached the weekly pivot point yesterday and today the price is still around it. Hence, the trend was sideways and the range widened up to 82 pips. According to the previous events, the price of the EUR/USD pair has still been moving between the level of 1.0835 and 1.0922. Also, it should be noted that the level of 1.0922 (61.8% of Fibonacci retracement levels) represents stong resistance in the same time frame. Therefore, it will be advantageous to sell at the price of 1.0922 with the first target at 1.0866 (the level of 1.0866 is going to represent minor support). It may resume to 1.0840. Moreover, if the price is able to break 1.0840, the market is likely to call for a strong bearish pressure below 1.0840. Stop loss should always be in account. It seems to be wise to set the stop loss above the weekly resistance 1 at the level of 1.0938.
Technical levels for April 08, 2014 .
- Projected high: 1.1003
- Breakout (buy stop): 1.0938
- Strong resistance (sell limit): 1.0922
- Current pivot: 1.0866
- Strong support (buy limit): 1.0840
- Breakout (sell stop): 1.0830
Projected low: 1.0792
The material has been provided by InstaForex Company - www.instaforex.com
