Weekly technical levels of EUR/USD for August 11-15, 2014

Weekly technical levels of the EUR/USD pair.

Trading recommendations:

• According to the previous events, the price of EUR/USD pair has still been moving between 1.3490 and 1.3350.
• The support has already set at the price of 1.3350 and the double bottom will be placed at the 1.3331 price.
• Buy above the level of 1.3335/1.3350 with the first target of 1.3390 in order to test the weekly pivot point; it might resume to 1.3430.
• Also, it should be noted that the resistance sets at 1.3450.
• Therefore, below the level of 1.3450, look for further downside with the 1.3400 and 1.3366 targets.

Comment:

• The weekly pivot point sets at 1.3398 could hit the moving average (50).
• Stop loss should never exceed your maximum exposure amounts.
• As a rule, the market is highly volatile (133.81) if the previous day had a huge volatility.

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