Overview:
- The EUR/USD pair faced strong resistances at the level of 1.1373 because this price represents a double top on the H1 chart. So, the strong resistance is already seen at the level of 1.1373 and the pair is likely to try to approach it in order to test it again. However, if the pair fails to pass through the level of 1.1373, the market will indicate a bearish opportunity below the new strong resistance level of 1.1373. Moreover, the RSI starts signaling a downward trend, but the trend is still showing strength above the moving average (100). Thus, the market is indicating a bearish opportunity below 1.1373 as long as the trend is not able to break the double top at the point of 1.1373. So it will be good to sell at 1.1370 with the first target of 1.1280. If the pair succeeds to pass through the level of 1.1280, the market will indicate a bearish opportunity below the level of 1.1280, in order to call for a downtrend in order to continue towards 1.1184. The weekly strong support is seen at 1.1184. However, the stop loss should always be taken into account. It will be reasonable to set your stop loss at the level of 1.1460.
Weekly technical levels:
- R3: 1.1736
- R2: 1.1554
- R1: 1.1460
- PP: 1.1278
- S1: 1.1184
- S2: 1.1002
- S3: 1.0908
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Happy Ramadan 1437 (2016)!
- I would like to wish a happy Ramadan for all Muslims around the world, faith replenishing, insightful, and enlightenment.
