Overview :
- The EUR/USD has broken major resistance at the level of 1.0900. It should be noted that the weekly pivot point is set at 1.0902 on April 6, 2015. Now, the market is approaching from it, therefore it is likely to start upside movement at this area and recover again. So, the market will indicate a bullish opportunity at level of 1.0902; it will be a good sign to buy at this spot with a first target at 1.1026 in order to test the double bottom and continue towards 1.1090 in coming days. On the other hand, in case of a break below the weekly pivot point (1.0902), it will be a good place for our stop loss.
Forecast :
- According to the previous events, the price of the EUR/USD pair has still been moving between 1.0910 and 1.1030.
- The level of 1.1026 is representing the double top, and the weekly support 1 is set at 1.1094.
- In the long term, buy above the price of 1.0902 with the first target at 1.1026, if the trend will be able to break the double top at the price of 1.1026; then it might resume to 1.1090.
Notes :
- The double top will set at the level of 1.1026.
- The major support is going to set at 1.0902.
- The price had hit the weekly pivot point and the support 1 last week.
- We expect a range of 290 pips this week.
The weekly technical levels for EUR/USD pair:
The material has been provided by InstaForex Company - www.instaforex.com
