empty
 
 
01.06.2014 09:59 PM
Weekly technical levels of EUR/USD for June 2-6, 2014

The weekly technical levels of EUR/USD.

This image is no longer relevant

This image is no longer relevant

Review:

  • The EUR/USD pair called for the bearish market from the price of 1.3668 towards the level of 1.3885; but the EUR/USD pair recovered again to start going upwards close to 1.3633 last week.
  • It should be noted that the range of the last week was very narrow.
  • The support will set at the level of 1.3589, but the double bottom is going to set at 1.3585 today.
  • The minor resistance has set at 1.3672; and the price of 1.3691 is representing strong resistance.
  • We expect volatility of more than 125 pips this week. As a rule, the market is highly volatile if the last day had a huge volatility.
  • If the trend is of an upside character, then the strength of the currency will be defined as following: EUR is in uptrend and USD is in downtrend.

Note:

  • Fibonacci retracement is used to determine accurate psychological levels of support and resistance. The period of time should be taken into account. Fibonacci is in a range trade; it looks like the trend is trapped and going up or down. If you sell or buy in the long term in this period, you will surely lose your profit.

Weekly technical levels:

Date: 1/06/2014

Pair: EUR/USD

  • Projected high: 1.3836
  • Breakout (buy stop): 1.3781
  • Strong resistance (sell limit): 1.3751
  • Current pivot: 1.3627
  • Strong support (buy limit): 1.3502
  • Breakout (sell stop): 1.3477
  • Projected low: 1.3427
Summary
Urgency
Analytic
Mourad El Keddani
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback