FX.co ★ Technical analysis of EUR/USD for May 9, 2014

The weekly pivot point: 1.3844

Trading recommendations: 

• The resistance of the EUR/USD pair has already set at 1.3844 on May 9, 2014. Also, it should be noted that the level of 1.3844 is representing the weekly pivot point. Furthermore, it will be very profitable to sell below this level for retesting this level in the short term. Therefore, sell deals are recommended below the weekly pivot point (1.3844) with targets at 1.3800 (the level of 1.3838 is representing the weekly support 1) and 1.3773 to reach the double bottom. 
• On the contrary, the support is going to set at the level of 1.3730 today. Consequently, the ascendant movement will probably be higher than the 1.3730 level with the targets at the weekly pivot point (1.3844).