Overview:
- The daily pivot point of the EUR/USD pair has set at the level of 1.3540.
- The level of 1.3540 is representing the weekly support 1.
- Consequently, the market has still been calling for downward because the price has set below the weekly pivot point at 1.3007 since Monday.
- Accordingly, if the trend fails to close above the level of 1.3550, then it will be a good opportunity to sell below his area with the first target at 1.3504 in order to test the double bottom in H1 chart, then it will be continued in downtrend towards 1.3435 (this level is going to represent the weekly support 2).
- However, the stop loss should always be taken in account because it should never exceed your maximum exposure amounts.
- Thus, the best location to set your stop loss should be placed above the level of 1.3010.
