Overview:
- The EUR/USD pair has opened below the weekly support one at the level of 1.1364. So, the strong resistance will be at the spot of 1.1364 today. You have to consider the price of 1.1118 which represents a strong support on August 27, 2015. Consequently, we expect a range about 110 pips in coming 48 hours. Therefore, the market will probably indicate a bearish opportunity at the level of 1.1300 and the weekly pivot point will act as minor support around the area of 1.1263. Thus, according to the previous events, the price is going to move between the prices of 1.1350 and 1.1140. So the area above 1.1263 (below the weekly pivot point) looks for further downside with the first target at the 1.1180 level and continue towards 1.1137 in order to test the weekly support 1 tomorrow. Stop loss should be placed below the price of 1.1382.
Observations:
- According to the previous events, the EUR/USD pair will move between 1.1364 and 1.1137 today.
- It should be noted that the level of 1.1118 represents the double bottom, and the weekly pivot point is placed at the price of 1.1263.
- The resistance will be set at the level of 1.1364 this week.
- The support has already been placed at the price of 1.1137.
- We expect a new range about 520 pips this week.
- The key level will be set at the level of 1.1260.
