The weekly technical analysis of EUR/USD pair:
Trading recommendations:
- The price of the EUR/USD pair is still trapped between the levels of 1.0978 and 1.0880. The level of 1.0936 represents the daily pivot point. It should be noted that the daily pivot point coincides with the ratio of 61.8% Fibonacci retracement levels. Thus, sell below the price of 1.0936 in the short term with the first target of 1.0876 in order to test the weekly support 1. If the trend can break the weekly support 1 at 1.0876, it might resume to 1.0847 (the double bottom). The stop loss should never exceed your maximum exposure amounts. Therefore, it will be quite profitable to set your stop loss at the level of 1.0993.
