FX.co ★ Technical analysis of EUR/USD for August 1, 2014

Trading recommendations:

• The support of the EUR/USD pair has already set at 1.3330 on August 14, 2014. Furthermore, it will be very profitable to buy above this level for retesting this level in the short term. Therefore, buy deals are recommended above the weekly support with targets at 1.3433 (the level of 1.3838 is representing the daily pivot point) and 1.3460 to reach the double top. On the contrary, the resistance is going to set at the level of 1.3460 today. Consequently, the descending movement will probably be lower than the 1.3460 level with the targets at 1.3333 and it is going to drop towards the double bottom around the price of 1.3295 in the daily chart.

It should note the following important observations:

• The market is going to call for a downtrend.
• The double top will set at the level of 1.3460.
• The minor support is going to set at 1.3333.
• The major support has already set at the price of 1.3303. But the double bottom does not coincide with the major support because it has set at the 1.325 price.
• The price hit the weekly pivot point this week and the first support. Currently, it has been around it since April 14, because of the series of relatively equal highs and equal lows.
• We expect a range about 68 pips today.