Overview:

• The weekly pivot point of the EUR/USD pair has set at the level of 1.2353. Also, the daily pivot point set at the same price on December 10, 2014. Consequently, the market has still been calling for downward because the price set below the weekly resistance 1 at 1.2436 since yesterday. Accordingly, if the trend fails to close above the level of 1.2436, then it will be a good opportunity to sell below the weekly resistance 1 with the first target at 1.2353 (this level is going to represent the weekly support 1). Then it will be continued in downtrend towards 1.2246 in order to test the double bottom. On the other hand, the stop loss should always be taken into account because it should never exceed your maximum exposure amounts. As a result, the best location to set your stop loss should be placed above the double top at the level of 1.2450 (78.6% of Fibonacci retracement levels).