Overview :
- The EUR/USD pair was calling for a strong bearish market last week, so the pair will probably go down this week because the downward trend is still strong. According to the previous events, the EUR/USD pair is going to move between the levels of 1.1460 and 1.1665. The resistance will be formed at the level of 1.1665 (it should be noted that the weekly pivot point is set at the level of 1.1632) providing a clear signal for sell deals with the target seen at 1.1459. Also, it should be noted that the double bottom will set at the point of 1.1459 on H1 chart. If the trend is able to break the double bottom, then the market is going to call for a bearish bias in order to test the first support at the level of 1.1396. However, stop-loss is to be placed above the double top around the area of 1.1713. Additionally, the support will be formed at the level of 1.1393; therefore, it should expect a range of 272 pip this week at least. It should aslo noted that the risk of 90 pips is seen to make a profit of 272 pips.
The material has been provided by InstaForex Company - www.instaforex.com
