FX.co ★ Technical analysis of EUR/USD for September 11, 2014

Overview:

• As it is known, we use historic prices to determine future prices. Therefore, considering the pevious events, the price of EUR/USD pair is going to move between the ratio of 00% Fibonacci retracement levels at the level of 1.2858 and 50% Fibonacci retracement at the 1.3009 level. In particular, the EUR/USD pair will be able to form a double bottom at 1.2858 on September 11, 2014. Hence, it will be a good idea to buy above the price of 1.2860 with the first target of 1.2940 in order to test the daily pivot point. Additionally, if the trend can break the daily pivot point, then it might resume to 1.3009 (it should be noted that the level of 1.3009 is going to represent the weekly pivot point). The stop loss should be set above the price of 1.2830. Notwithstanding, check out the market volatility before investing, because the sight price may have already been reached and scenarios become invalidate.

Notes:

• Support and resistance will set at the price of 1.2960 and 1.3010 respectively.
• We expect a new range of 76 pips in coming hours.