FX.co ★ Weekly technical levels of EUR/USD for December 15-19, 2014

The weekly technical levels of EUR/USD pair:

Overview:

• In the short term, the price of the EUR/USD pair is going to turn to a bearish trend from the level of 1.2494. Also, it should be noted that the level of 1.2494 represents the ratio of 100% Fibonacci retracement levels in the H1 chart and also the double top at the same frame time since last week. Accordingly, it will be a good sign to sell below 1.2490 with the first target of 1.2400 to test the the weekly pivot point at this price. Then, it will call for a downtrend in order to continue its bearish movement towards 1.2324 (the weekly minor support). Moreover, it might be noted that the strong support will set at the level of 1.2307 in the next hours. At the same time, the stop loss should be placed above the weekly pivot point at the price of 1.2494. Equally important, the weekly resistance will set at the 1.2555 level.