FX.co ★ Technical analysis of EUR/USD for August 13, 2015

Overview:

• The EUR/USD pair movement will continue directly from the level of 1.1073 on H1 chart. Moreover, this level was confirmed by the bullish market two days ago. Additionally, the price of EUR/USD has been showing an uptrend at the same price which represents the weekly resistance 1 on August 13, 2015. Therefore, the market will indicate the bullish opportunity at the level of 1.1073. Besides, it should be noted that the weekly resistance 1 became the support. Accordingly, it will be a good sign to buy at 1.1073 (in the short term) with the first target at 1.1166 and further to 1.1210 in order to form a double top in the same time frame.

Notes:

• The support will be set at the level of 1.1073, but the double bottom is going to be at 1.1028.
• The EUR/USD pair called for the bullish market from the price of 1.1073.
• So, the price of 1.1073 is representing strong support.
• We expect a range about 1.1080 - 1.1210 pips today.
• Stop Loss should never exceed your maximum exposure amounts.
• As a rule, the market is highly volatile if the last day had a huge volatility.