The weekly technical analysis of EUR/USD pair:
Overview:
- According to the previous events, the price of the EUR/USD pair has still moved between 1.1066 and 1.1230 in the short term. The level of 1.1267 is likely to indicate strong resistance and minor resistance has been set at 1.1230. Moreover, the price will form a new strong spot at this level. Also, it should be noted that the price of 1.1219 is coinciding with the weekly pivot point in the H1 chart. Therefore, it will be of wisdom to sell at 1.1267 or 1.1230 with the first target at 1.1140, then it will continue towards 1.1066 and 1.1046 in order to test the the double bottom. For that reason, it will be very profitable to buy at 1.1046 with the first target at 1.1170, then continue towards 1.1219. The stop loss should be placed below 1.1046 at the level of 1.1030.
