Trading recommendations :
- The EUR/USD pair is in the short term.
- The price of the EUR/USD pair is going to turn to bullish sentiment from the level of 1.3585. Addendum, it should be noted that the level of 1.3585 is representing a double bottom today. Accordingly, it will be a good sign to buy above the double bottom at 1.3585 with the first target of 1.3629 to test the weekly pivot point at this area. Then, if the price breaks the weekly pivot point, it will call for uptrend market in order to continue its bullish movement towards 1.3670 (the weekly resistance 1). Equally important, the resistance would set at the 1.3672 level. Additionally, it should be noted that the range today will be about 60 pips.
- However, the stop loss should be placed below the double bottom at the price of 1.3545, so the stop loss should be set in 40 pips since the risk of 40 pips could make profit of 60 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 Technical analysis of EUR/USD for June 3, 2014 . Thanks for your support on Technical analysis of EUR/USD for June 3, 2014
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