Weekly technical levels:
Intraday trading recommendations:
According to previous events, the price has still been trapped between 1.3303 and 1.3180. The level of 1.3015 will indicate a strong support, moreover the price will be formed at a double bottom in 1.3014. Therefore, it will be wise to buy at 1.3014 with the first target at 1.3160 (the weekly pivot point), then it will continue towards 1.3360. And the stop loss should be placed below 1.3000. Please check out the market volatility before investing, because the sight price may have already been reached and scenarios might have become invalidate.
Observations:
- Use historic prices to determine future prices.
- Fibonacci retracement should be used to determine an accurate psychology level of support and resistance, and playing according to it in this kind of period.
- Fibonacci in a range trader (it is looks like the trend is trapping and going up or down, if you sell or buy for a long term in this period you' will go sure for losing your profit.
