Technical levels of the EUR/USD pair.

General idea about the pivot point.

• Resistance 3 and support 3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through. Pivot lines work well in the sideways markets, as the prices are most likely to be located between the resistance 1 and support 1 lines. Within a strong trend, the price is expected to be lower than the pivot point line and continue moving. If the breaking news released may affect the market, the price is likely to go straight through resistance 1 or support 1 and even reach resistance 2 and resistance 3 or support 2 and support 3. If trend breaks resistance or support through, it is likely to result in a significant price movement, it is also referred to as breakout.

Forecast:

• According to the previous events, the price of the EUR/USD pair has still been moving between 1.3910 and 1.3830.
• The level of 1.3914 is representing the double top, and the weekly support 1 is set at 1.3750.
• Buy above the price of 1.3850 in the long term with the first target at 1.38808, it might resume to 1.3960 if the trend will be able to break the double top at 1.3914.

Notes:

• The double top will set at the level of 1.3914.
• The major support is going to set at 1.3750.
• The price had hit the weekly pivot point and the resistance 1 last week.
• We expect a range of 200 pips this week.