FX.co ★ Technical analysis of EUR/USD for April 30, 2014

Trading recommendations: 

• The market is in downtrend. Moreover, the trend was so clear because the price moved higher to 1.3821 (the wekly pivot point). 
• But it should notice that the price of EUR/USD pair has been rebounding lower from the weekly pivot point (1.3821). 
• According to the previous events, the price of EUR/USD pair is going to move between the level of 1.3825 and 1.3760. 
• It should also be noted that the range will be around 70 pips today.
• If the price is below the weekly pivot point, then the level of 1.3820 is the key level to confirm the bearish market. 
• Sell below the level of 1.3820, with the first target of 1.3786 in order to form a double bottom in H1 chart. 
• Another thought, if the price will be able to break the double bottom and close below the level of 1.3780. 
• Consequently, the price will call for strong bearish market to go further towards the level of 1.3756. This level is representing the weekly support 2.