FX.co ★ Weekly technical levels of EUR/USD for January 6 - 10, 2014

Trading recommendations:

• According to the previous events of EUR/USD pair in the Forex market, the price has still been trapping between the level of 1.3510 and the 1.3663 level. Therefore, it will be advantageous to buy above 1.3505 with a first target 1.3663 in order to test the weekly pivot point. It may resume to 1.3730 if the price is able to break 1.3663. On the other hand, stop loss should always be in account, consequently, it will be of wholesome to set the stop loss below the resistance 1 at the price of 1.3470.

The weekly pivot point:

The pivot point statistics:

• The market opened below the new weekly pivot point today. It should be noted that last week the EUR/USD pair hit the past weekly pivot point and has also reached the support 1. Thence, the trend was downwards and the range seemed extensive up to 236 pips.