The weekly technical levels for EUR/USD pair:

Trading recommendations:

• The support of the EUR/USD pair has already set at 1.1717 on January 12, 2015. Furthermore, it will be very profitable to buy above this level for retesting this level in the long term. Therefore, buy deals are recommended above the weekly support 1 with targets at 1.1864 (the level of 1.1856 represents the weekly pivot point and the level of 1.1864 coincides with the ratio of 50% Fibonacci retracement level) and continues toward the point of 1.1975 to reach the double top. On the contrary, the resistance is going to set at the level of 1.1959 this week. Consequently, the descending movement will probably be lower than the 1.1975 level with the targets at the weekly pivot point (1.1856) and 1.1766.
  

Observations:

• If the trend is of an upside character, then the strength of the currency will be defined as follows: EUR is in an uptrend and USD is in a downtrend.
• 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 trapping and going up or down. If you sell or buy in the long term, you will surely lose your profit.

Tips:

• R3 and S3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through.
• Pivot lines work well on the sideways markets as the prices are most likely to be located between the R1 and S1 lines.
• Within a strong trend, the price is expected to be lower than the pivot point line and continues moving.
• If the breaking news released may affect the market, the price is likely to go straight through R1 or S1 and even reach R2 and R3 or S2 and S3.