Weekly technical levels of the EUR/USD pair.
Trading recommendations :
- According to the previous events, the price of GBP/USD is going to move between the levels of 1.6875 and 1.6815. Buy above the level of 1.6801 which representing the double bottom in H1 chart with the first target at 1.6855, then the trend will be able to continue toward the level of 1.6890. Notwithstanding, the stop loss should be set at 1.6766.
Preview :
- R3 and S3 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 on the sideways markets as prices are most likely to be located between the R1 and S1 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 R1 or S1 and even reach R2 and R3 or S2 and S3.
Notes :
- If the trend is of an upside character, then the strength of the currency will be defined as follows: GBP is an uptrend and USD is 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 for a long term in this period, you will surely lose your profit.
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 GBP/USD for May 26-30, 2014 . Thanks for your support on Weekly technical levels of GBP/USD for May 26-30, 2014
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