Weekly Pivot Point: 1.2930

Overview:
The EUR/USD pair has broken the resistance level and turned towards the support level near the two-day point of 1.3040. Therefore, the pair has already formed a strong support at 1.3040. Moreover, having failed to close below 1.3040 yesterday, the pair started showing a bullish reaction at this level. It is necessary to mention that these levels coincide with strong levels for bulls on H4 chart; the pair has also formed a strong support at the level of 1.3040. The pair will move upwards, it is convincing; the structure of the upside movement does not look corrective and is indicating a bullish opportunity above 1.3040. This can be a good sign for buy deals above 1.3040 with the first target at 1.3135 initiating an uptrend in order to continue the bullish mood towards the point of 1.3203 and further to 1.3140. If the trend breaks the weekly resistance 2 (1.3133), then the pair will go upwards to these targets. However, it should also be noted that the price is still between 1.3055 and 1.3100, as the last strong resistance level (1.3240) is still able to begin a downtrend at this level. Thus, the market indicates a bearish opportunity at the level 1.3240 on H4 chart with the first target at 1.3180 and continues towards 1.3115.

Weekly Pivot Points:
R3: 1.3242
R2: 1.3133
R1: 1.3042
PP: 1.2933
S1: 1.2842
S2: 1.2733
S3: 1.2642

Observation (s):
If the trend is ascending, then the strength of the currency will be defined as following: EUR is an uptrend and USD is a downtrend.
Most of the traders use the Fibonacci retracement to determine accurately the psychological support and resistance levels.
Stop Loss should NEVER exceed your maximum exposure amounts.
The market has a high volatile as usual if the last day had a huge volatility.

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