The weekly technical levels of EUR/USD.
A general review and summary of the EUR/USD pair.
- According to the previous information, the EUR/USD pair is still moving between 1.2580 and 1.2500. Thus, it should be noted that the weekly pivot point will set at the level of 1.2576. Right now, the current price is around the level of 1.2551. Moreover, the weekly point has already formed a psychological level at this area. And the weekly resistance 1 is going to set at the level of 1.2653. Therefore, sell at the level of 1.2650 (the weekly resistance 1) with the first target at the 1.2580 price (the level of 1.2580 is representing the ratio of 38.2% Fibonacci retracement levels in H1 chart) , then it will call for downtrend in order to continue its bearish movement towards 1.2500 to test the double bottom in H1 chart. Notwithstanding, if the trend fails to close below the level of 1.2650, then the stop loss should be placed at the level of 1.2685.
The material has been provided by InstaForex Company - www.instaforex.com
