FX.co ★ Technical analysis of EUR/USD for June 27, 2014

Trading recommendations: 

• According to the previous events, the price of EUR/USD pair is going to move between the level of 1.3584 and 1.3675. The market was in uptrend. Moreover, the trend was so clear because the price moved lower to 1.3584 (the weekly pivot point); but the price of EUR/USD pair has been rebounding higher towards the level of 1.3620. Also, note that we expect a range of 73 pips today and the level of 1.3584 will act as a key level to confirm the bullish market. Buy above the level of 1.3584 (1.3577: 50% of Fibonacci retracement levels), with the first target of 1.3642 in order to form a double top in H1 chart, it might resume to the 1.3675 price (the weekly resistance one). Conversely, the price may close below 1.3677 (127.2% of Fibonacci retracement levels) in H1 chart. Consequently, the price will call for a bearish market to go further towards the level of 1.3640. However, it should be noted that the stop loss should never exceed your maximum exposure amounts.