Overview:

• The weekly pivot point of EUR/USD pair has set at the level of 1.3831 this week and now it is acting as strong resistance. As it is known, sellers are asking for a high price. Therefore, the first key level will set at the level of 1.3670 and the second key level will set at the 1.3583 level on May 14, 2014. So, it should remind that the level of 1.3831 is representing the resistance and the price of EUR/USD pair is going to move between 1.3770 and 1.3770. Additionally, it should be noted that the range will be about 190 pips this week and we expect that the trend is going to call for the bearish market from the level of 1.3831 because the trend was very clear and indicating downtrend since last week. As a result, sell at the price of 1.3831 with the first target of 1.3670, it might resume to 1.3583 in order to test the weekly support 1. On the other hand, your stop loss should be placed above the 1.3850 level, thus it will be helpful to set it at the price of 1.3880 this week.