Overview:
- The weekly pivot point for the EUR/USD pair set at the level of 1.0791. Also, the daily support 1 was found at the same level on December 10, 2015. On the other hand, the resistance is seen at the level of 1.1033. Consequently, the market has still been calling for downward because the price trapped below the resistance at 1.1033 since yesterday. Accordingly, if the trend fails to close above the level of 1.1033, then it will be a good opportunity to sell below 1.1033 with the first target at 1.0791 in order to test the weekly pivot point, then it will continue moving in a downtrend towards 1.0740 (this level is going to represent the weekly support 2). On the other hand, the stop loss should always be taken in account because it should never exceed your maximum exposure amounts. Consequently, the best location to set your stop loss should be the double top at the level of 1.1125.
Notes:
- The support is found the level of 1.0791, but the double bottom is going to be placed at 1.0740.
- The EUR/USD pair called for the bearish market from the level of 1.1033 since yesterday.
- So, the level of 1.1033 is represents strong resistance.
- Stop loss should never exceed your maximum exposure amounts.
- As a rule, the market is highly volatile if the last day had huge volatility.
