Weekly pivot point:
Overview:
The EUR/USD pair has broken the major resistance at 1.3770. Moreover, it should be noted that the weekly pivot point is calculated at 1.3621. Therefore, an upside movement will probably start at this area and recovery will begin again. Thus, the market will indicate a bullish opportunity at the level of 1.3621, as well as it will be a good sign to buy at this spot with the first target at 1.3704 in order to form a double top and continue towards 1.3760 to test the weekly resistance 1. On the other hand, if a break at 1.3580 occurs, then it will be a good location for placing stop loss at the price of 1.3570.
Observations:
- Please check out the market volatility before investing, because the sight price may have already been reached and scenarios become invalidate. Stop Loss should never exceed your maximum exposure amounts.
- Fibonacci retracement levels are used to determine an accurate psychology level of support and resistance in this kind of period. Fibonacci retracement levels are in a range trade, 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 to losing your profit for sure.
