The weekly technical levels of EUR/USD pair.
Overview and review :
- The first resistance of EUR/USD pair is projected at the level of 1.23 53 today.
- The second resistance had already fixed at 1.2436 .
- The area of 1.2353/1.2366 is a useful spot to sell in the long term this week.
- We expect a range of 81 pips on December 8, 2014. And 54 pips would make a profit of 81 pips.
- The weekly pivot point has set at the level of 1.2353.
- It should be noted that if there is no significant news to influence, the market price will be moving from pivot point to resistance 1 or support 1. But if there is, the market price may go straight through resistance 1 or support 1 and reaches resistance 2 or support 2 and even resistance 3 or support 3.
- The value of 50% Fibonacci retracement levels is: 1.2388 (to confirm a bearish market).
- Volatility: 292.36. As a rule, the market is highly volatile if the last day had a huge volatility
General idea about the pivot point :
- Resistance 3 and support 3 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 in the sideways markets, as the prices are most likely to be located between the resistance 1 and support 1 lines. Within a strong trend, the price is expected to be lower than the pivot point line and continue moving. If the breaking news released may affect the market, the price is likely to go straight through resistance 1 or support 1 and even reach resistance 2 and resistance 3 or support 2 and support 3. If the trend breaks resistance or support through, it is likely to result in a significant price movement, it is also referred to as breakout.
The material has been provided by InstaForex Company - www.instaforex.com
