Overview:
- The EUR/USD pair is trading between the levels of 1.2360 and 1.2480 (those levels coincide with the Fibonacci retracement levels 00% and 50% respectively). It should be noted that the 1.2508 price will act as a strong resistance because it represents the ratio of 61.8% Fibonacci retracement levels in H1 chart. Moreover, the weekly pivot point has always set below the resistance and it will act as a minor resistance around the area of 1.2451. Therefore, it will be rather gainful to sell below the levels of 1.2508 or 1.2451 and look for further downside with 1.2357 and 1.2360 targets. It should also be reminded that the double bottom will set at the point of 1.2360; but the weekly support 1 has already been found at 1.2310. On the other hand, stop loss should always be taken in account, consequently, it will be of beneficial to set the stop loss above the resistance 1 at the price of 1.2540; because the stop loss must never exceed the maximum exposure amounts.
