Weekly technical levels of EUR/USD pair.
Trading recommendations :
- The EUR/USD pair is in the short term.
- The price of the EUR/USD pair is going to keep the bearish sentiment from the level of 1.3009. In addition, it should be noted that the level of 1.3009 represents the weekly pivot point. Accordingly, it will be a good sign to sell below it at 1.3009 with the first target of 1.2919 to test a double bottom at this area. Then, if the price breaks the double bottom, it will call for a downtrend market in order to continue its bearish movement towards 1.2860 (the weekly support 1). Equally important, the resistance would set at the 1.3100 level. Besides, it should be noted that the range today will be about 60 pips, but we expect a large range this week that will be probably up to 200 pips. However, the stop loss should be placed above the the weekly pivot point at the price of 1.3049, so the stop loss should be set in 40 pips since the risk of 40 pips could make profit of 60 pips.
The material has been provided by InstaForex Company - www.instaforex.com
