FX.co ★ Technical analysis of EUR/USD for April 17, 2015

Review:

• The strong support is seen at the level of 1.0684, but the minor support has been set at 1.0717. Moreover, the double bottom is likely to be set at 1.0684.
• The EUR/USD pair will call for the bullish market from the levels of 1.0684 and 1.0717 on Friday.
• On the other hand, the ratio of 61.8% Fibonacci retracement is expected at the level of 1.0838. So, the level of 1.0838 is represents strong resistance.
• We expect the trend to be able to hit the other resistances in coming hours. Also, the range of the EUR/USD pair will move between the levels of 1.0835 and 1.0720 (about 115 pips today).
  

Trading recommendation:

• According to the previous events, the price of the EUR/USD pair has still been moving between 1.0835 and 1.0720.
• The level of 1.0684 is representing the double bottom, and the weekly support is set at the 1.0717 level.
• Consequently, buy above the price of 1.0684 in the long term with the first target at 1.0790. If the trend will be able to break a minor support at 1.0790. it might resume to 1.0838

Warnings:

• 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.
• Please check out the market volatility before investing, because the sight price may have already been reached and scenarios might have become invalidated.