The weekly pivot point: 1.0736
Overview :
The resistance has already been set at the level of 1.0736. Additionally, the double top is also coinciding with the same price at the level of 1.0736. Moreover, the EUR/USD pair broke the weekly pivot point last week and the price is still below it this week. Also, it should be noted that the market has opened below the 1.0620 level today. Consequently, the trend was downward and the range seemed extensive up to 90 pips. According to the previous events, the price of the EUR/USD pair has still been moving between 1.0677 and 1.0440. Therefore, it will be advantageous to sell at 1.0736 (the weekly pivot point) with the first target at 1.0570. If the price is able to break a double bottom at 1.0567, it may resume to 1.0438 in order to test the weekly support 1 and create a new double bottom. In spite of this, stop loss should always be in account; accordingly, it will be of beneficial to set the stop loss above weekly pivot point at the price of 1.0750.
The weekly technical levels for EUR/USD pair:
The material has been provided by InstaForex Company - www.instaforex.com
