The weekly technical levels for EUR/USD pair:
Overview:
- The EUR/USD pair had a large range of 401 pips last week and that seems significant compared with worth of this pair. According to previous events, we can expect a wider range this week too. This week, the first resistance to the EUR/USD pair is likely to be set at the weekly pivot point of 1.0974; for that it will probably start from the price of 1.0974 in order to continue falling towards the strong support level. Additionally, volatility has been calculated and found at 1.0810, 1.0750, and 1.0707. Therefore, the market indicates higher volatility this week. Close relation between volatility and market movements should be noted.
- However, the price has still trapped between 1.0970 and 1.0820. So, as the market is still indicating bearish signs, then sell below 1.0974 (the weekly pivot point) with the target at 1.0860 and 1.0710 in order to test the weekly support line. Nevertheless, the stop loss should be placed above the 1.1000 level.
