Overview:
- As expected, the price of the EUR/USD pair has been turning to bearish sentiment from the level of 1.1210 because the resistance has already been set at the level of 1.1210 and the weekly pivot point was also placed near the resistance at 1.1210. Accordingly, it will be a good decision to sell in this area with the first target of 1.1104 to test a minor support at this price, which represents the the ratio of 00% Fibonacci retracement level on the H1 chart. Besides, if the trend can break 00% Fibonacci retracement, it will call for a downtrend in order to continue with its bearish movement towards 1.1075. The support will be at the 1.1075 level today. The weekly pivot point of EUR/USD has been set at 1.1210 this week. Hence, the stop loss should never exceed your maximum exposure amounts. Thus, it will be profitable to set your stop loss at the level of 1.1263.
Comment:
- The weekly pivot point at 1.1210 could hit the moving average (50).
- Stop loss should never exceed your maximum exposure amounts.
- As a rule, the market is highly volatile if the previous day had a huge volatility.
