The weekly technical levels for EUR/USD pair
Overview:
- The major level of the EUR/USD pair has been set at the level of 1.1270. This level is acting as strong support today and it coincides with the ratio of 50% of Fibonacci retracement levels on the H1 chart. Therefore, the first key level will be set at the level of 1.1268 (the weekly pivot point). Furthermore, the trend was very clear and was indicating an uptrend in the short term. Thus, we expect that the trend is going to call for a bullish market at the level of 1.1270 because buyers are bidding for a lower price. As a result, buy at the price of 1.1270 with the target of 1.1422 in order to test the double bottom. Moreover, the price is going to continue toward the level of 1.1439. Also, it should be noted that the level of 1.1439 represents the weekly resistance 1.
