FX.co ★ Technical analysis of EUR/USD for April 17, 2014

It should note the following important observations:

• The double top will set at the level of 1.3905.
• The minor support is going to set at 1.3828. And this level is going to represent the weekly pivot point on April 17, 2014.
• The major support had already set at the price of 1.3751. But the double bottom is not coinciding with the major support because it has set at the 1.3695 price.
• The price hit the weekly pivot point this week. For now, it has been around it since April 14, because of the series of relatively equal highs and equal lows.
• We expect a range about 73 pips today.

Trading recommendations:

• According to the previous events, the price of the EUR/USD pair has still been trapped between 1.3800 and 1.3860.
• Buy above the level of 1.38 with the first target at 1.3863 then 1.3905 in order to test the double top.
• Sell below the level of 1.13960 (the weekly resistance 1) with the first target at 1.3905, then it will be continued towards 1.3830 for testing to test the weekly pivot point.
• Please check out the market volatility before investing, because the sight price may have already been reached and scenarios might have become invalidated.