Overview:
- The daily pivot point is seen at the level of 1.1267; and now the price is moving around this key level. But, the weekly pivot point set at the 1.1230 price. Consequently, the market has still been calling for a rally because the pair has been trading above the key level since yesterday. Accordingly, if the trend fails to close below the level of 1.1230, it will be a good opportunity to buy above the levels of 1.1260/1.1230 with the first target at 1.1323 (this level is going to represent a double top and coincides with the ratio of 50% at the same time). Then, it will move in an uptrend towards 1.1379 in order to test the weekly resistance 2. At the same time, the stop loss should always be taken in account because it should never exceed your maximum exposure amounts. As a result, the best location to set your stop loss is seen below the level of 1.1230. It should be noted that the level of 1.1208 represents the double bottom.
Intraday technical levels:
- R3: 1.1438
- R2: 1.1379
- R1: 1.1323
- PP: 1.1267
- S1: 1.1230
- S2: 1.1196
- S3: 1.1142
