The weekly technical analysis of EUR/USD pair:
Overview:
- The first key level will set at 1.1114 and the second key level is seen at 1.0954 on July 6, 2015. Moreover, it should be noted that the level of 1.1114 represents resistance and the level of 1.0954 is going to act as support in the H1 chart. Equally important, the price of the EUR/USD pair is still moving between 1.0960 and 1.1111 (closing price since last week). Additionally, it should be noted that the range was about 226 pips last week. Furthermore, the trend was very clear and indicating downtrend. Accordingly, we expect that the trend is going to call for the bearish market at the level of 1.1114 (the weekly pivot point). So, selling at 1.1114 with the first target at 1.1000 might resume moving to 1.0954 in order to test the weekly double bottom. On the other hand, your stop loss should be placed above 1.1114, thus it will help set it at the level of 1.1145 today.
