FX.co ★ Weekly technical levels of EUR/USD for October 20-24, 2014

The weekly technical levels of EUR/USD pair.

Overview:

• The support of the EUR/USD pair has set at the price of 1.2625 and this price coincides with the double bottom. The double bottom is set at the price of 1.2620. Therefore, the first key level will set at the price of 1.2620 and the second key level will set at the 1.2625 level today. Moreover, it should be noted that the area between 1.2600 and 1.2625 is representing strong support in H1 chart. Equally important, the price of the EUR/USD pair is still moving between 1.2600 and 1.2755. Also, it should be noticed that the weekly pivot point is placed at the price of 1.2755 on October 20, 2014. Additionally, we should bear in mind that the range was about 266 pips last week, but we expect a large range about 280 to 300 pips this week. Furthermore, the trend was very clear indicating up move. Accordingly, we expect that the trend is going to call for the bullish market at the level of 1.2650. As a result, buy at the price of 1.2650 with the first target of 1.2766 , it might resume to 1.2885 in order to test the weekly resistance 1 around 1.2880 - 1.2890. On the other hand, your stop loss should be placed below the support 1 level, hence it will be beneficial to set it at the price of 1.2595 this week.