Weekly Pivot Point: 1.3212
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Overview:
The EUR/USD pair has broken the support level and turned towards the resistance level of 1.3299 last week. Therefore, the pair has already formed a strong resistance at 1.3300. Moreover, it failed to close above 1.3299 and started showing a bearish reaction at this level. It should be mentioned that these levels coincide with strong levels for bears in the H1 chart; the pair has also formed strong resistance at the level of 1.3300. The pair will move downwards, it is convincing; the structure of the downside movement does not look corrective and is indicating a bearish opportunity below 1.3299. This can be a good sign for Sell deals below 1.33 with the first target at 1.3270 initiating an uptrend in order to continue the bullish mood towards the point of 1.3133 and further to 1.3072. If the trend breaks the weekly resistance 1 (1.3282), then the pair will go downwards to these targets. However, it should also be noted that the price is still between 1.3277 and 1.3177, as the last strong support level (1.3050) is still able to start an uptrend at this level. Thus, the market indicates a bullish opportunity at the level of 1.3050 in the H1 chart with the first target at 1.3110 and continues towards 1.3212 (weekly Pivot Point).
Note: Resistance at 1.3300, Support at 1.3050 (Long Term).
Observation(s):
If the trend is ascending, then the strength of the currency will be defined as follows: EUR is trending up, and USD is trending down.
Most traders use the Fibonacci retracement to accurately determine the psychological support and resistance levels.
Stop loss should NEVER exceed your maximum exposure amounts.
The market is highly volatile as usual when the last day had a huge volatility.
If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.
Mourad El Keddani is taking part in the "Analyst of the Year" award organized by MT5.com portal. If you like his article, please vote for him.
Overview:
The EUR/USD pair has broken the support level and turned towards the resistance level of 1.3299 last week. Therefore, the pair has already formed a strong resistance at 1.3300. Moreover, it failed to close above 1.3299 and started showing a bearish reaction at this level. It should be mentioned that these levels coincide with strong levels for bears in the H1 chart; the pair has also formed strong resistance at the level of 1.3300. The pair will move downwards, it is convincing; the structure of the downside movement does not look corrective and is indicating a bearish opportunity below 1.3299. This can be a good sign for Sell deals below 1.33 with the first target at 1.3270 initiating an uptrend in order to continue the bullish mood towards the point of 1.3133 and further to 1.3072. If the trend breaks the weekly resistance 1 (1.3282), then the pair will go downwards to these targets. However, it should also be noted that the price is still between 1.3277 and 1.3177, as the last strong support level (1.3050) is still able to start an uptrend at this level. Thus, the market indicates a bullish opportunity at the level of 1.3050 in the H1 chart with the first target at 1.3110 and continues towards 1.3212 (weekly Pivot Point).
Note: Resistance at 1.3300, Support at 1.3050 (Long Term).
Observation(s):
If the trend is ascending, then the strength of the currency will be defined as follows: EUR is trending up, and USD is trending down.
Most traders use the Fibonacci retracement to accurately determine the psychological support and resistance levels.
Stop loss should NEVER exceed your maximum exposure amounts.
The market is highly volatile as usual when the last day had a huge volatility.
If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.
Mourad El Keddani is taking part in the "Analyst of the Year" award organized by MT5.com portal. If you like his article, please vote for him.
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