Review :
- The strong support is seen at the level of 1.0684, but the minor support has been set at 1.0717. Moreover, the double bottom is likely to be set at 1.0684.
- The EUR/USD pair will call for the bullish market from the levels of 1.0684 and 1.0717 on Friday.
- On the other hand, the ratio of 61.8% Fibonacci retracement is expected at the level of 1.0838. So, the level of 1.0838 is represents strong resistance.
- We expect the trend to be able to hit the other resistances in coming hours. Also, the range of the EUR/USD pair will move between the levels of 1.0835 and 1.0720 (about 115 pips today).
Trading recommendation :
- According to the previous events, the price of the EUR/USD pair has still been moving between 1.0835 and 1.0720.
- The level of 1.0684 is representing the double bottom, and the weekly support is set at the 1.0717 level.
- Consequently, buy above the price of 1.0684 in the long term with the first target at 1.0790. If the trend will be able to break a minor support at 1.0790. it might resume to 1.0838
Warnings :
- Stop loss should never exceed your maximum exposure amounts.
- As a rule, the market is highly volatile if the last day had a huge volatility.
- Please check out the market volatility before investing, because the sight price may have already been reached and scenarios might have become invalidated.
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 April 17, 2015 . Thanks for your support.
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