The weekly technical levels of EUR/USD pair.
Viewpoint:
- The support will set at the level of 1.3800 and the double bottom is going to set at 1.3773.
- The EUR/USD pair has called for the bullish market from the price of 1.3800, because the price of 1.3800 is representing strong support.
- Preference is to buy above the support at 1.3803 with the first target at 1.3844 in order to test the weekly pivot point. Moreover, if the pair will be able to break the price of 1.3844, then it is going to continue towards 1.3890.
- However, the stop loss has always been in consideration thus it will be useful to set it below the last double bottom at the level of 1.3750 (notice that the major support on May 5, 2014 set at 1.3803).
Comment:
- The weekly pivot point at 1.3844 could hit the moving average (50).
- Stop loss should never exceed your maximum exposure amounts.
- As a rule, the market is highly volatile if the lprevioust day had a huge volatility.
