FX.co ★ Weekly technical levels of EUR/USD for April 28, 2014

Weekly technical levels of the EUR/USD pair.

Observations:

• If there is no significant news to influence, the market price will be moving from pivot point to resistance 1 (1.3863). But if there is significant news to influence, the market price may go straight through resistance 1 (1.3863) and reach resistance 2 (1.3892) or weekly pivot point (1.3824) and even resistance 3 (1.3931).
• 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.

Notes:

• Major support on April 28, 2014: 1.3824
• The level of 1.3824 is representing the weekly pivot point.
• Major resistance has already set at the price of 1.3892.
• We expect a new range about 200 pips.
• It should be noted that for the last fifteen days the weekly range was very small between 74 pips and 68 pips.