FX.co ★ Weekly technical levels for EUR/USD for January 5-9, 2015

Weekly technical levels of the EUR/USD pair.

Trading recommendations:

• According to the previous events, the price of EUR/USD is going to move between the levels of 1.2000 and 1.1860. The level of 1.2000 is representing the double bottom and coinciding with the ratio of 00% Fibonacci retracement levels in H1 chart.
• Sell below the level of 1.2195 which represents the minor resistance in H1 chart with the first target at 1.1920. Then, the trend will be able to continue towards the level of 1.1855 in order to form a new double bottom. Also, it should be noted that the weekly support 1 coincides with the price of 1.1854. Nevertheless, the stop loss should be set at the level 1.2028.

Notes:

• We expect a range about 248 pips this week.
• The risk of 62 pips must make a profit of 248 pips.
• The value of 00% Fibonacci retracement levels is 1.2000.
• The weekly pivot point will be set at the price of 1.2074.
• The level of 1.2074 will confirm the bullish market.