Weekly Pivot Point: 1.2967

Overview: 
The EUR/USD pair has broken the resistance level and turned towards the support level near the two-weekpoint of 1.2853. Therefore, the pair has already formed a strong support at 1.2853. Moreover, it failed to close below 1.2957 yesterday and started showing a bullish reaction at this level. It is necessary to mention that these levels coincide with strong levels for bulls on H1 chart; the pair has also formed a strong support at the level of 1.2853. The pair will move upwards, it is convincing; the structure of the upside movement does not look corrective and is indicating a bullish opportunity above 1.2853. This can be a good sign for buy deals above 1.2853 with the first target at 1.2890 initiating an uptrend in order to continue the bullish mood towards the point of 1.2970 (the weekly pivot point) and further to 1.3350. If the trend breaks the weekly pivot point (1.2967), then the pair will go upwards to these targets. However, it should also be noted that the price is still between 1.3080 and 1.2853, as the last strong resistance level (1.3360) is still able to begin a downtrend at this level. Thus, the market indicates a bearish opportunity at the level 1.3060 on H1 chart with the first target at 1.3000 and continues towards 1.2930.

Weekly Pivot Points:
R3: 1.3253
R2: 1.3167
R1: 1.3053
PP: 1.2967
S1: 1.2853
S2: 1.2767
S3: 1.2653

Range:
1.3080 - 1.2853 = 227 pips.

A risk to reward ratio of 1:1.5 is recommended.
Risk of 227 pips has to make a profit of 340.50.

Observation (s):
If the trend is ascending, then the strength of the currency will be defined as following: EUR is an uptrend and USD is a downtrend.
Most of the traders use the Fibonacci retracement to determine accurately the psychological support and resistance levels.
Stop loss should NEVER exceed your maximum exposure amounts.
The market has a high volatile as usual if the last day had a huge volatility.

If you have any questions or requests, please feel free to contact me: [email protected].