Weekly technical levels:
Tip:
Use time frame of H1 to determine the lower and the higher price of last week, because it is more precise for applying Fibonacci levels. The Fibonacci retracement levels are used to determine accurate psychological levels of support and resistance, so take decisions according to this kind of period. Moreover, we use historic prices to determine future prices.
Forecast:
It should be noted that the market was stable and the trend was also clear (downward) last week. Therefore, the market will probably indicate a bearish opportunity on level of 1.3030. And according to the previous events, the price has still been trapped between 1.3025 and 1.2974. Thenceforward, below 1.3030 (38.2% of Fibonacci retracement levels) look for further downside with 1.2953 and 1.2930 targets. However, stop loss should be placed above 1.3070.
If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.
