- The EUR/USD pair will set a minor support at the 1.1102 level (a weekly pivot point) considering strong support at 1.0914 which represents the weekly support this week (from the 4th to 8th of May) So, the strong support will set at the spot of 1.0914, 1.1050 and 1.1102 this week. Besides, you have to consider the price of 1.1289 which represents strong resistance and a double top at the same time. Thereupon, we expect a range about 187 pips in the coming days. Just like that, the market will probably indicate a bullish opportunity at the level of 1.1289 and the weekly pivot point will act as minor support around the area of 1.1102. So, according to the previous events, the price is going to move below the level of 1.1289 and above the 1.1102 level.
- From the source previously mentioned, the area above 1.1234 looks for a further upside move with the first target at the 1.3645 level and continue towards 1.1280.
The weekly technical levels for GBP/USD pair:
- R3 and S3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through. Pivot lines work well on sideways markets, as the prices are most likely to be located between the R1 and S1 lines. Within a strong trend, the price is expected to be lower than the pivot point line and continue the movement. If a breaking news affects 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