Weekly technical levels of the EUR/USD pair.
Notes:
- If there is no significant news to influence, the market price will be moving from pivot point to resistance 1 (1.3674). But if there is significant news to influence, the market price may go straight through resistance 1 (1.3674) and reach resistance 2 (1.3701) or weekly pivot point (1.3624) and even resistance 3 (1.3751).
- If the trend is upward, then the strength of the currency will be defined as follows: EUR is in an uptrend and USD is in a 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 range trade; it looks like the trend is trapped and going up or down. If you sell or buy in the long term, you will surely lose your profit.
- The double top will set at the level of 1.3650.
- The minor support is going to set at 1.36301. And this level is going to represent the weekly pivot point on March 17, 2014.
- The major support had already set at the price of 1.3630. Moreover, the double bottom is also coinciding with the major support (1.3573) for June 31, 2014.
- The price hit the weekly pivot point only last week, because of the series of relatively equal highs and equal lows.
- We expect a new range of 140 pips this week.
Intraday technical levels:
Date: 30/06/2014
Pair: EUR/USD
- Projected High:1.3812
- Breakout (Buy Stop):1.3757
- Strong Resistance (Sell Limit):1.3727
- Current Pivot:1.3612
- Strong Support (Buy Limit):1.3496
- Breakout (Sell Stop):1.3471
- Projected Low:1.3421
Happy Ramadan 1435 (2014)!
I would like to wish a happy Ramadan for all Muslims around the world, faith replenishing, insightful and enlightenment.
