EUR/USD weekly technical levels for July 15 – 19, 2013

Weekly pivot point:

Overview:

The EUR/USD pair has broken a major resistance at 1.2980. Moreover, it should be noted that the weekly pivot point is calculated at 1.3009 and it is now approaching from it. Therefore, an upside movement will probably start at this area and recovery will begin again. Thus, the market will indicate a bullish opportunity on the level of 1.3000, as well as it will be a good sign to buy at this spot with the first target at 1.3103 and continue towards 1.3205 in order to form double top. On other hand, if a break in 1.2980 occurs, then it will be a good location for placing stop loss at the price 1.2953.

Observations:

Please check out the market volatility before investing, because the sight price may have already been reached and scenarios become invalidate. Stop Loss should never exceed your maximum exposure amounts.
Fibonacci retracement levels uses to determine accurate psychology level of support and resistance, and playing according to in this kind of period. Fibonacci retracement levels in a range trader, it is looks like the trend is trapping and going up or down, if you sell or buy for a long term in this period you’ll go sure for losing your profit.

The material has been provided by InstaForex Company – www.instaforex.com

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