Overview:

• The market has opened below the daily resistance today. The resistance has already set at the level of 1.3970, a strong level, on March 19, 2014. Additionally, the double top is also coinciding with the same price (1.3970). Moreover, the EUR/USD pair 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 75 pips. According to the previous events, the price of the EUR/USD pair has still been trapped between the level of 1.3880 and the 1.3950 level. Therefore, it will be advantageous to sell at the price of 1.3970 (the weekly resistance 1) with the first target at 1.3900 ( the level of 1.3901 is going to represent the weekly pivot point). It may resume to 1.3836 if the price is able to break 1.3901. Notwithstanding, stop loss should always be in account, accordingly, it will be of beneficial to set the stop loss above the weekly resistance 1 at the price of 1.3990.