Overview:
- We expect a new range about at least 93 pips today because the EUR/USD pair will trade between 1.1175 and 1.1285. Moreover, the key level is seen at 1.1215 (this price will represent a daily pivot point). Equally important, the value of 23.6% Fibonacci retracement levels is 1.1215 in the H1 chart. This level is coinciding with the daily pivot point. Therefore, it will be a good sign to buy (buy sop) at the daily pivot point (1.1215) with the first target at 1.1250. It will call for a downtrend in order to continue its bearish movement towards 1.1285 in order to test the double top. The stop loss should never exceed your maximum exposure amounts, thus the stop loss should be placed below the level of 1.1135 (double bottom) because the level of 1.1135 will confirm the bearish market.
Intraday technical levels:
- R3: 1.1321
- R2: 1.1278
- R1: 1.1241
- PP: 1.1198
- S1: 1.1161
- S2: 1.1118
- S3: 1.1081
