Weekly technical levels of the EUR/USD pair.
Notes:
If there is no significant news to influence, the market price will be moving from pivot point to resistance 1 (1.3674). But if there is significant news to influence, the market price may go straight through resistance 1 (1.3674) and reach resistance 2 (1.3701) or weekly pivot point (1.3624) and even resistance 3 (1.3751). If the trend is upward, then the strength of the currency will be defined as follows: EUR is in an uptrend and USD is in 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 in the long term, you will surely lose your profit. The double top will set at the level of 1.3650. The minor support is going to set at 1.36301. And this level is going to represent the weekly pivot point on March 17, 2014. The major support had already set at the price of 1.3630. Moreover, the double bottom is also coinciding with the major support (1.3573) for June 31, 2014. The price hit the weekly pivot point only last week, because of the series of relatively equal highs and equal lows. We expect a new range of 140 pips this week.
Intraday technical levels:
Date: 30/06/2014
Pair: EUR/USD
Projected High:1.3812 Breakout (Buy Stop):1.3757 Strong Resistance (Sell Limit):1.3727 Current Pivot:1.3612 Strong Support (Buy Limit):1.3496 Breakout (Sell Stop):1.3471 Projected Low:1.3421
Happy Ramadan 1435 (2014)!
I would like to wish a happy Ramadan for all Muslims around the world, faith replenishing, insightful and enlightenment.