- The trend of the EUR/USD pair was controversial as it took place in the narrow uptrend channel. But it should be noted that the market showed the signs of instability below the weekly support one at 1.1384. Due to the previous events, the price is still between the levels of 1.1288 and 1.1391, so it is recommended to be careful while making deals in this area. Therefore, it is necessary to wait till the sideways channel is passed through. Then the market will probably show the signs of a bullish trend again. In other words, buy deals are recommended above 1.1288 with their first target at the level of 1.1406. From this point, the pair is likely to begin an ascending movement to the point of 1.1406. From this point, the pair is likely to begin an ascending movement to the point of 1.1406 and further to the level of 1.1453 (it will act as a strong resistance for this week). However, if the pair fails to pass through the level of 1.1453, the market will indicate a bearish opportunity below the strong resistance level of 1.1453.
In this regard, sell deals are recommended lower than the level of 1.1453 with the first target at 1.1280. It is possible that the pair will turn downwards continuing the development of the bearish trend to the level 1.1215. then 1.1102 (the weekly pivot point).
- It should be noted that the weekly resistance 2 is at the level of 1.1453. If you sold below 1.1453 then you have to place a stop loss at 1.1486.
- We expect a range of 147 pips from today to the end of this week.
The material has been provided by InstaForex Company – www.instaforex.com