The EUR/USD pair broke major support at the level of 1.1310 last week. The level of 1.1325 became strong resistance. Also, it should be noted that the weekly pivot point is seen at 1.1126. Therefore it is likely to start moving downside in this area and recover again. So, the market will indicate a bearish opportunity at the level of 1.1310 and it will be a good sign to sell at this spot with the first target at 1.1180, and continue towards 1.1126 in order to test the weekly pivot point. On the other hand, if the trend manages to break the level of 1.1335, the level at 1.1340 will be a good location to place stop loss at.
The weekly technical levels of the EUR/USD pair.
Forecast:
According to previous events, the EUR/USD pair has still been trading between 1.1126 and 1.1330.
Below the level of 1.1330, look for further downside with targets at 1.11 80 and 1.1130.
The stop loss should be set at 1.1340.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
level of 1.1310 last week. The level of
1.1325 became strong resistance. Also, it should be noted that the weekly pivot
point is seen at 1.1126. Therefore it is likely to start moving downside in this
area and recover again. So, the market will indicate a bearish opportunity at
the level of 1.1310 and it will be a good sign to sell at this spot with the
first target at 1.1180, and continue towards 1.1126 in order to test the weekly
pivot point. On the other hand, if the trend manages to break the level of 1.1335,
the level at 1.1340 will be a good location to place stop loss at.
Forecast:
The material has been provided by InstaForex Company – www.instaforex.com
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