Overview:
- The daily pivot point of the EUR/USD pair is expected to be set at the level of 1.1360. Also, the weekly support is seen at the same level today. Moreover, the major resistances have been already placed at the levels of 1.1380 and 1.1399. Consequently, the market has still been calling for downward because the price has set below the resistances since yesterday. Accordingly, if the trend fails to close above the level of 1.1399, then it will be a good opportunity to sell below 1.1380 with the first target at 1.1327, then it will be continued in downtrend towards 1.1300 in order to test the double bottom (61.8% of Fibonacci retracement levels). On the other hand, the stop loss should always be taken in account because it should never exceed your maximum exposure amounts. Thereby, the best location to set your stop loss is seen above the level of 1.1420 (the daily resistance sets at 1.1399).
Notes:
- We expect a new range about 87 pips at least today.
- The key level will set at the level of 1.1366.
- Major resistance is set at the level of 1.1399. The support had been already placed at the level of 1.1300.
- If there is no significant news to influence, the price will be moving from pivot point to resistance 1 or support 1. But if there is significant news to influence, the market price may go straight through resistance 1 or support 1 and reach resistance 2 or support 2 and even resistance 3 or support 3.
