Overview :
- Due to the previous events, the price of EUR/USD pair is still between the levels of 1.3766 and 1.3640, so it is recommended to be careful while making deals inside this area. Also, it should be noted that the market showed the signs of instability. The trend movement was controversial as it took place in the narrow sideways channel. Therefore, it is necessary to wait till the sideways channel is passed through. Then the market will probably show the signs of a bullish trend because the support has already set at the level of 1.3640. In other words, buy deals are recommended above the 1.3640 level with the first target at the level of 1.3707 to test the weekly pivot point. From this point, the pair is likely to begin an ascending movement to the point of 1.3730 and further to the level of 1.3766. The level of 1.3766 will act as a strong resistance on May 21, 2014. Notwithstanding, if the pair fails to pass through the level of 1.3766, the market will indicate a bearish opportunity below the minor resistance level of 1.3766. In this regard, sell deals are recommended lower than the 1.3770 level with the first target at 1.3717. It is possible that the pair will turn downwards continuing the development of the bearish trend to the level 1.3680 then 1.3643.
The material has been provided by InstaForex Company - www.instaforex.com
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