FX.co ★ Weekly technical levels of EUR/USD for June 2-6, 2014

The weekly technical levels of EUR/USD.

Review:

• The EUR/USD pair called for the bearish market from the price of 1.3668 towards the level of 1.3885; but the EUR/USD pair recovered again to start going upwards close to 1.3633 last week.
• It should be noted that the range of the last week was very narrow.
• The support will set at the level of 1.3589, but the double bottom is going to set at 1.3585 today.
• The minor resistance has set at 1.3672; and the price of 1.3691 is representing strong resistance.
• We expect volatility of more than 125 pips this week. As a rule, the market is highly volatile if the last day had a huge volatility.
• If the trend is of an upside character, then the strength of the currency will be defined as following: EUR is in uptrend and USD is in downtrend.

Note:

• 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 in this period, you will surely lose your profit.

Weekly technical levels:

Date: 1/06/2014

Pair: EUR/USD

• Projected high: 1.3836
• Breakout (buy stop): 1.3781
• Strong resistance (sell limit): 1.3751
• Current pivot: 1.3627
• Strong support (buy limit): 1.3502
• Breakout (sell stop): 1.3477
• Projected low: 1.3427