- The EUR/USD pair has broken a major resistance at the level of 1.0950 (pivot point). But in case the daily resistance becoms support at 1.0950, the market will indicate a bullish opportunity from the area of1.0950/1.0940. Additionally, it is approaching this spot in order to test it; therefore, it will probably start moving upside in this area and recover again. So, the market will indicate the bullish opportunity at the level of 1.0950/1.0940 (above these levels look for further upside) and it will be a good sign to buy at this spot with the first target at 1.1020. It is likely to continue towards 1.1073 (the double bottom will set at the point of 1.1073). However, if a break of 1.0918 takes place, it will be a good area to plac the stop loss.
- It should be noted that the market will turn bullish from the level of 1.0950.
- Volatility: 241.27; therefore, the market indicates the higher volatility.
- Stop loss should never exceed your maximum exposure amounts. Moreover, risks to reward ratios are important and should be calculated.
The material has been provided by InstaForex Company – www.instaforex.com