FX.co ★ Technical analysis of EUR/USD for November 28, 2014

Overview:

• The price of the EUR/USD pair is still moving between the levels of 1.2570 and 1.2360. Moreover, it should be noted that the market is not so stable. So is the trend because the market is wobbling, the range will be around 92 pips pips next week. Additionally, the value of 100% Fibonacci retracement levels is 1.2600 (double top). The key level of 1.2600 is present to confirm a bearish market. This level will act as strong resistance because it coincides with the weekly resistance 2. Therefore, sell deals are recommended below 1.2600 or 1.2570 with the target at the level of 1.2417. It will resume towards 1.2360 in order to form a double bottom at this level. Moreover, the price will call for a bearish market to go further towards the level of 1.2330 to test the last support on November 28, 2014. However, it should be noted that the stop loss should never exceed your maximum exposure amounts. So, the best location to set the stop loss should be above the double top.