The weekly technical levels for EUR/USD pair:
Overview :
- Due to the previous events, the price of the EUR/USD pair is still between the levels of 1.0620 and 1.0336. So, it is recommended to be accurate while making deals in this area. Also, It should be noted that the market showed the signs of instability and shakiness. The trend movement was controversial as it took place in the narrow sideways channel. So, the market was in an downtrend for a short term. Moreover, it might be noticed that the price of the EUR/USD pair has been rebounding lower towards the level of 1.0620. Note that we expect a range of 81 pips today. The 1.0620 level is going to act as a key level to confirm the bearish market because the price of 1.0620 is representing a strong sport. Therefore, sell below the level of 1.0632 (1.0632: 38.2% of Fibonacci retracement levels), with the first target at 1.0462. It might resume to the 1.0340 price in order to form a new double top in the H1 chart. On the contrary, if the price may close above 1.0650, it will call for a bullish market to go further towards the level of 1.0780. However, it should be always noted that the stop loss should never exceed your maximum exposure amounts.
The material has been provided by InstaForex Company - www.instaforex.com
