FX.co ★ Weekly technical levels of EUR/USD for August 4-8, 2014

Technical levels of the EUR/USD pair:

Forecast and review:

• The double top of EUR/USD pair will set at the level of 1.3443 and the double bottom is going to be set at the 1.3365 level. It should be noted that the last range was very small around 80 pips only. But we expect a range of 170 - 200 pips this week.
• The price had only hit support 1 last week.
• The major support is going to set at 1.3380 on August 4, 2014. And the resistance had already set at the price of 1.3464.
• So, according to the previous events, the price of the EUR/USD pair is going to move between 1.3380 and 1.3443.
• The level of 1.3412 is representing the weekly pivot point. Therefore, it will be very useful to buy above the price of 1.3412 in the short term with the first target at 1.3440. Moreover, if the trend is able to break the double top at 1.3443, then it might resume to 1.3464.