Weekly technical levels of EUR/USD for February 3-7, 2014

Weekly technical levels:

Overview:

• It should be noticed that we got a weekly pivot point of EUR/USD pair for February 3-7, 2014 at the level of 1.3560. In addition, a gap has opened below the weekly pivot point. Therefore, the market will probably indicate a bearish opportunity at the level of 1.3560 and the weekly pivot point will act as strong resistance. So, according to the previous events, the price has still been below 1.3560. Thenceforward, the area below 1.3560 (below 38.2% of Fibonacci retracement levels) looks for further downside with the first target at the 1.3476 level in order to form a double bottom and continue towards 1.3403 to test to the first weekly support. However, stop loss should be placed above 1.3583.

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