Weekly technical levels:
Trading recommendations:
- EUR/USD: According to the previous events, the price has still been trapped between 1.3745 and 1.3703.
- Buy above 1.3630 with target at 1.3733, then 1.38.
- Below 1.3810, look for further downside with the first target of 1.3766, then 1.3686.
- Stop losses should be placed above 1.3840 (for short positions) and set below 1.3605 (in case of buying at 1.3630).
Notes:
- If the trend is ascending, then the strength of the currency will be defined as following: USD is in uptrend and CHF is in downtrend.
- Fibonacci retracement is used to determine accurate psychological levels of support and resistance. The period of time should be taken into account.
- Fibonacci is in a trading range; it looks like the trend is trapping and going up or down. If you sell or buy in the long term, you will surely lose your profit.
- Stop loss should NEVER exceed your maximum exposure amounts.
- As a rule, the market is highly volatile if the last day had huge volatility.
