Weekly technical levels of EUR/USD for February 17-21, 2014

Weekly technical levels:

Overview:

• It should be noticed that the gap of the EUR/USD pair has opened above the weekly pivot point at the level of 1.3710. Therefore, the market will probably indicate a bullish opportunity at the level of 1.3710 and the weekly pivot point will act as strong support on February 17, 2014. So, according to the previous events, the price has still been moving between the price of 1.3700 and the 1.3750 level. Thenceforward, the area above 1.3700 (above the weekly pivot point) looks for further upside with the first target at the 1.3754 level in order to form to test the weekly resistance 1 and continue towards 1.3805. However, stop loss should be placed below 1.3700.

Notes:

• The resistance will set at the level of 1.3754 for today.
• We expect a range of 60 pips on February 17, 2014.

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