FX.co ★ Technical analysis of EUR/USD for April 24, 2014

Overview:

• The weekly pivot point of the EUR/USD pair has set at the level of 1.3820. Also, the daily pivot point set at the 1.3820 price today and the price now is around this key level. Consequently, the market has still been calling for a rally because the price has set above the key level since yesterday. Accordingly, if the trend fails to close below the level of 1.3820, then it will be a good opportunity to buy above the level of 1.3820 with the first target at 1.3663 (this level is going to represent a double top), then it will be continued in uptrend towards 1.3894 in order to test the weekly resistance 1 on April 24, 2014. At the same time, the stop loss should always be taken in account because it should never exceed your maximum exposure amounts. As a result, the best location to set your stop loss should be placed below the level of 1.3789. It should be noted that the price of 1.3789 is representing the double bottom.

Intraday technical levels:

Date and Time: 24/04/2014 10:03

Pair: EUR/USD

• R3: 1.3901
• R2: 1.3878
• R1: 1.3846
• PP: 1.3823
• S1: 1.3791
• S2: 1.3768
• S3: 1.3736