Weekly technical levels of EUR/USD for March 7-11, 2014

Weekly technical levels of the EUR/USD pair.

Notes:

• We expect a new range about 68 pips today.
• The risk of 68 pips must make a profit of 102 pips.
• The value of 50% Fibonacci retracement levels is 1.3745 in H1 chart.
• The level of 1.3745 will confirm the bullish market.
• The daily volatility on March 7, 2014 is 78.56. As a rule, the market is highly volatile if the last day had a huge volatility.

Overview:

• It should be noted that the price of EUR/USD pair will be moving between 1.3731 and 1.3672 today. Moreover, it should notice that the key level is set at the level of 1.3791. Equally important, the weekly resistance 1 will be formed at the 1.3791 level. Therefore, it will a good sign to sell below the weekly resistance 1 (1.3791) with the first target of 1.3731 (the weekly pivot point). It will call for downtrend in order to continue its bearish movement towards 1.3772 in order to test the double bottom on March 7, 2014. On the other hand, the stop loss should never exceed your maximum exposure amounts, consequently the stop loss should be placed above the double top in H1 chart at the price of 1.3830.

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