FX.co ★ Weekly technical levels for EUR/USD for March 2-6, 2015

The weekly technical levels for EUR/USD pair

Overview:

• The resistance is going to be set at the level of 1.1255. Moreover, the weekly pivot point is placed at the same price of 1.1255 and double top has been already placed at 1.1260. Consequently, the descending movement will probably be lower than the level of 1.1260 with the targets at 1.1180 and 1.1120. On the contrary, the support has already been set at 1.1114. Furthermore, it should be noted that it will be very profitable to buy above this level for retesting this price in the short period. Therefore, buy deals are recommended above the level of 1.1114 with targets at 1.1272 (23.6% of Fibonacci retracement) and 1.1255 to reach the major resistance of today. Even so, you have to set your stop loss. Thus, the best location for placing it should be at the level of 1.1102 which represents the double bottom on the H1 charts.