FX.co ★ Technical analysis of EUR/USD for October 10, 2014

Trading recommendations:

• The double top of EUR/USD pair will set at the level of 1.2790 and the double bottom is going to be set at 1.2616 level.
• This week, the price had hit the weekly pivot point, the resistance 1, the resistance 2 and returned to the resistance 1.
• The major supports are going to set at the levels of 1.2650 and 1.2620.
• So, according to the previous events, the price of the EUR/USD pair is going to move between 1.2650 and 1.2790.
• We expect a range of 86 pips today.
• The level of 1.2653 is representing the weekly pivot point. Therefore, it will be very useful to buy above the price of 1.2653 in the short term with the first target at 1.2730 and it is continuing toward the the double top at 1.2790 again.
• However, the stop loss should be placed at 1.2580.

Intraday technical levels:

Date and Time:10/10/2014 11:20

Pair: EUR/USD

• R3: 1.2893
• R2: 1.2841
• R1: 1.2766
• PP: 1.2714
• S1: 1.2639
• S2: 1.2587
• S3: 1.2512