Overview:

• The market has opened below the daily resistance today. The resistance has already set at the level of 1.3412 on August 8, 2014. Additionally, the weekly pivot point also coincides with the same price (1.3412). Moreover, the EUR/USD pair has not reached the weekly pivot point yesterday and today the price is still around it. Hence, the trend was sideways and the range seemed extensive up to 80 pips. According to the previous events, the price of the EUR/USD pair is still moving between the level of 1.3403 and 1.3360 level. Therefore, it will be advantageous to sell at the price of 1.3412 (the weekly pivot point) with the first target at 1.3357 ( the level of 1.3357 is going to represent the ratio of 23.6% Fibonacci retracement levels). It may resume to 1.3330 if the price is able to break 1.3357. Notwithstanding, stop loss should always be in account, accordingly, it will be of beneficial to set the stop loss above the double top at the price of 1.3450.