- According to the previous events, the EUR/USD pair will move between the levels of 1.1436 and 1.1300. The weekly pivot point sets at 1.2325; for that the price of 1.2325 will act as a minor support in the H1 chart. Thus, buy above the level of 1.2325 which represents the minor support with the first target at 1.1383, then the trend will be able to continue toward the level of 1.1438 in order to test the double top. The stop loss should be set at 1.1283.
The weekly technical analysis of EUR/USD pair:
- If the trend is of an upside character, the strength of the currency will be defined as following: EUR is in an uptrend and USD is in a downtrend.
- We expect a range of 93 pips in coming hours.
- The double top will set at 1.1436; and the weekly resistance has placed at the same price.
- R3 and S3 are lear indicators of the maximum range of extreme volatility, though it is possible to pass them through. Pivot lines work well on the sideways markets as prices are most likely to be located between the R1 and S1. Within a strong trend, the price is expected to be lower than the pivot point and continue moving. If the breaking news released influemce the market, the price is likely to go straight through R1 or S1 and even reach R2 and R3 or S2 and S3.
The material has been provided by InstaForex Company – www.instaforex.com