- The daily pivot point of the EUR/USD pair is
expected to be set at the level of 1.1360. Also, the weekly support is seen at
the same level today. Moreover, the major resistances have been already placed
at the levels of 1.1380 and 1.1399. Consequently, the market has still been calling
for downward because the price has set below the resistances since yesterday.
Accordingly, if the trend fails to close above the level of 1.1399, then it
will be a good opportunity to sell below 1.1380 with the first target at
1.1327, then it will be continued in downtrend towards 1.1300 in order to test
the double bottom (61.8% of Fibonacci retracement levels). On the other hand,
the stop loss should always be taken in account because it should never exceed
your maximum exposure amounts. Thereby, the best location to set your stop loss
is seen above the level of 1.1420 (the daily resistance sets at 1.1399).
- We expect a new range about 87 pips at least today.
- The key level will set at the level of 1.1366.
- Major resistance is set at the level of 1.1399. The support had been already placed at the level of 1.1300.
- If there is no significant news to influence, the price will be moving from pivot point to resistance 1 or support 1. But if there is significant news to influence, the market price may go straight through resistance 1 or support 1 and reach resistance 2 or support 2 and even resistance 3 or support 3.
The material has been provided by InstaForex Company – www.instaforex.com