The weekly technical levels for EUR/USD pair:
Intraday trading recommendations:
- The EUR/USD pair is trading between the levels of 1.0964 and 1.0811. The level of 1.0962 is likely to indicate strong resistance; moreover, the price will form a new top at this level of 127.6% Fibonacci retracement levels in the H1 chart. Therefore, it will be good to sell at 1.0960 in the short term with the first target at 1.0844, then it will continue down towards 1.0811 in order to test the week pivot point. The double bottom will be set at the level of 1.0785 (50% Fibonacci retracement levels). Always, retracement is confirming the bullish market above the 50% of Fibonacci.
Intraday technical levels:
- Projected high: 1.0964.
- Strong resistance (sell limit): 1.0960.
- Current pivot: 1.0870 (the weekly pivot point is set at the 1.0811 level).
- Strong support (buy limit): 1.0800.
- Projected low: 1.0785.
Tips:
- We expect a range about 177 pips from today to the 29th of April 2015.
- So, the range of 177 pips. Risk of 118 pips must make a profit of 177 pips (a risk to reward ratio of 1:1.5 is recommended).
- As a rule, the market is highly volatile if the previous day had a huge volatility. Volatility: 178,93 therefore the market indicates the higher volatility.
Observations:
- If the trend is buoyant, then the strength of the currency will be defined as following: EUR is in uptrend and USD is in downtrend.
- Stop loss should never exceed your maximum exposure amounts.
