FX.co ★ Technical analysis of EUR/USD for August 19 , 2014

Overview:

• The EUR/USD pair has broken a minor support at the level of 1.3350. Additionally, it should be noted that the price has opened below the minor support today. Moreover, the weekly pivot point is calculated at 1.3381 this week. The price was approaching it in order to test it yesterday but the trend failed to hit it. Therefore, it will probably start downside movement at this area and recover again. Thus, the market will indicate a bearish opportunity below the minor support (1.3350), so it will be a good sign to buy at this spot with a first target of 1.3333 (the double bottom), and continue towards 1.3302 in order to try hitting the weekly support 1. On the other hand, if there is a break at the price of 1.3385, then it will be a good location for placing the stop loss.
  

Notes:

• The daily support will set at the level of 1.3302.
• The major resistance is going to set at the 1.3381.
• We saw an insignificant range of 53 pips last week because the volatility was not high yesterday. But, today we expect the large range of 75 -90 pips.