FX.co ★ EUR/USD weekly technical levels for July 1 - 5, 2013

Weekly technical levels:

Use the M15 time frame to determine the last week's low and high. The M15 is more precise. Equally important, the best indicator to use in this case is ZigZag’s indicator. It should be noted that in order to be able to insert ZigZag in your chart, you should follow this way on your MetaTrader 4 or 5, then you can click on the third tap: Insert/Indicators/Custom/ZigZag.

Forecast:

It should be noted that the weekly pivot point of the pair EUR/USD has been set at the level of 1.3048. In addition, a gap has opened below the weekly pivot point. Therefore, the market will probably indicate a bearish opportunity at the level of 1.3050 and the weekly pivot point will act as a strong resistance. Thus, according to the previous events, the price has still been below 1.3050. Thenceforward, below 1.3050 (23.6% of Fibonacci retracement levels) look for further downside with 1.3000 and 1.29450 targets. However, stop loss should be placed above 1.3125.