FX.co ★ Technical analysis of EUR/USD for October 16, 2014

Trading recommandations:

• According to the previous events, the price of the EUR/USD pair has still been moving between the levels of 1.2750 and 1.2647. The level of 1.2805 is representing the double top, and the weekly support 1 is set at 1.2750. Therefore, sell below the price of 1.2750 or 1.2805 in the long term with the first target at 1.2680. Moreover, if the trend is able to break the first target at 1.2680; then the trend will call for a bearish market and continue towards the next objectives at 1.2647 and 1.2613.

Notes:

• The double top will set at the level of 1.2805.
• The major support is going to set at 1.2588.
• The resistances will be placed at 1.2775 and 1.2805.
• The level of 1.2728 will confirm the bullish market.
• The price had hit the weekly pivot point and the resistance 1 this week.
• We expect a range of 75 pips today and around 310 pips this week.
• Volatility on October 16, 2014 is 214.61. As a rule, the market is highly volatile if the last day had a huge volatility.