EUR/USD weekly technical levels for August 5 – 9, 2013

Weekly technical levels: 

 

Trading recommendations: 

According to the previous events, the price of the EUR/USD pair is still between the levels of 1.3250 and 1.5290. Moreover, it should be noted that the market was so stable and trend was also too clear (upward), as well as a range was around 160 pips last week. Additionally, the value of 50% Fibonacci retracement levels is: (High + Low) / 2 = 1.3266 for that the key level of 1.3266 is represented for an uptrend to confirm a bullish market. Therefore, buy deals are recommended above the 1.3266 level with targets at 1.3340 in order to form double top at this level, and it will resume towards 1.3420. However, the descending movement will probably be lower than the 1.3430 level with the first targets at 1.3350 and 1.3285.