Trading recommendations:
- According to the previous events, the EUR/USD pair has still been trapped between the level of 1.2315 and 1.2440.
- Strong resistance will be formed at the level of 1.2478 (61.8% Fibonacci retracement levels) providing a clear signal for sell deals with the targets at 1.1403 and 1.1317.
- Stop-loss is to be placed above 1.1480.
- Strong support will be formed at the level of 1.2283 providing a clear signal for buy deals with the targets seen at the 1.2390 and 1.2441 levels.
- Stop-loss is to be placed below the level of 1.2283. This level represents the double bottom on the H1 chart.
Observations:
- The double top will be set at the level of 1.2506 and the double bottom has already been set at the mark of 1.2283.
- The value of 61.8% Fibonacci retracement levels is 1.2478 (for confirming the bearish market).
- We expect a range of 124 pips today.
- But it should be noted that the risk of 80 pips must make a profit of 120 pips.
- Volatility: 246.79.
