The weekly technical levels of EUR/USD pair.
Trading recommendations:
- According to the previous events, the price of the EUR/USD pair has still been moving between the levels of 1.3110 and 1.3150. Moreover, it should be noted that the market was quite stable and the trend was also clear (downward), but the range was not very large around 89 pips last week. Additionally, the value of 38.2% Fibonacci retracement levels is 1.3165 (the weekly pivot point is set at the price of 1.3161). So, the key level of 1.3161 is presented for a downtrend to confirm a bearish market. This level will act as strong resistance because it coincides with the weekly pivot point on the first of September, 2014. Therefore, sell deals are recommended below the 1.3161 level with targets at the level of 1.3131 in order to form a double bottom at this level, and it will resume towards 1.3101 to try testing the weekly support 1.
Intraday technical levels:
Date and Time:1/09/2014 13:15
Pair:EUR/USD
- Projected high:1.3394
- Breakout (buy stop):1.3339
- Strong resistance (sell limit):1.3309
- Current pivot:1.3176
- Strong support (buy limit):1.3042
- Breakout (sell stop):1.3017
- Projected low:1.2967
