The weekly technical levels of EUR/USD pair.
Overview:
- In brief, the support will set at the level of 1.2773 but the double bottom is going to set at 1.2827. According to preview of events, the EUR/USD pair has called for the bearish market from the price of 1.2940 because the price of 1.2940 represents strong resistance this week. Moreover, the weekly pivot point at 1.2983 could hit the moving average (50). Preference is to sell below the weekly pivot point at 1.2883 with the first target at 1.2827 in order to test the double bottom. Additionally, if the pair will be able to break the price of 1.2827, then it is going to continue towards 1.2777.
- However, the stop loss has always been in consideration, thus it will be useful to set it above the resistance at the level of 1.2940. Also, it should be noted that stop loss should never exceed your maximum exposure amounts.
