Weekly technical levels of the EUR/USD pair.
Observations :
- If there is no significant news to influence, the market price will be moving from pivot point to resistance 1 (1.3863). But if there is significant news to influence, the market price may go straight through resistance 1 (1.3863) and reach resistance 2 (1.3892) or weekly pivot point (1.3824) and even resistance 3 (1.3931).
- If the trend is upward, then the strength of the currency will be defined as follows: EUR is in an uptrend and USD is in a downtrend.
- Fibonacci retracement is used to determine accurate psychological levels of support and resistance. The period of time should be taken into account.
- Fibonacci is in a range trade; it looks like the trend is trapped and going up or down. If you sell or buy in the long term, you will surely lose your profit.
Notes :
- Major support on April 28, 2014: 1.3824
- The level of 1.3824 is representing the weekly pivot point.
- Major resistance has already set at the price of 1.3892.
- We expect a new range about 200 pips.
- It should be noted that for the last fifteen days the weekly range was very small between 74 pips and 68 pips.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Weekly technical levels of EUR/USD for April 28, 2014 . Thanks for your support on Weekly technical levels of EUR/USD for April 28, 2014
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