Weekly Pivot Point: 1.5039
Overview:
It should be noted that the market revealed the signs of instability. The trend movement was controversial as it took place in a narrow sideways channel. Taking into account the previous events, the price is still between the levels 1.5150 and 1.5060, so it is recommended to be cautious while making deals in this area. Therefore, it is necessary to wait till the sideways channel is passed through. Then, the market will probably indicate the signs of a bullish trend. In other words, BUY-deals are recommended higher than 1.5060 level with its first target at level 1.5120. From this point the pair is likely to begin the ascending movement to the point 1.5150 and further to the level 1.5170. However, if the pair fails to pass through the level 1.5180, the market will indicate a bearish opportunity below the strong resistance level 1.5180. In this regard, SELL-deals are recommended lower than the 1.5180 level with the first target of 1.5100. It is possible that the pair will turn to downward movement continuing the development of the bearish trend to the level 1.5080.
P.S:
- Range: 62 pips. Then risk of 62 pips must make a profit of 93.
- The value of 50% Fibonacci retracement levels is: 1.5104 (Average = (Higher - Lower) / 2).
- Volatility: 93.64, therefore the market indicates the higher volatility.
If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.
