Overview :
- Support of the EUR/USD pair has already set at 1.2441 since November 17, 2014. Support coincides with ratio of 38.2% Fibonacci retracement levels. So, the upward trend is still strong from the 1.2441 level. Furthermore, it will be very profitable to buy above this level for retesting this level in the short term. Therefore, buy deals are recommended above the weekly support at 1.2441 with the targets at 1.2550 and 1.2582 to reach the double top and the first resistance. Also, it should be noted that the level of 1.2488 represents the weekly pivot point. On the contrary, the resistance is going to set at the level of 1.2582 and next resistance will set around the area of 1.2636 this week. Therefore, the downward movement will probably be lower than the 1.2582 or 1.2636 level with the targets at the weekly pivot point 1.2488.
Intraday technical levels:
Date and Time: 19/11/2014 12:51
Pair: EUR/USD
- R3: 1.2671
- R2: 1.2607
- R1: 1.2570
- PP: 1.2506
- S1: 1.2469
- S2: 1.2405
- S3: 1.2368
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of EUR/USD for November 19, 2014 . Thanks for your support.
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