FX.co ★ Technical analysis of EUR/USD for October 5, 2015

Review:

• The double top of the EUR/USD pair will be at the level of 1.1318 and the double bottom is going to be set at the 1.1204 level. It should be noted that the last range was very small, around 184 pips only. But we expect a large range of 320 pips this week.
• The price hit only resistance 1 last week.
• The major support will be at 1.1204. And the resistance has already been set at the price of 1.1207. But the major weekly resistance has already placed at the level of 1.1405.
• So, according to the previous events, the price of the EUR/USD pair will move between 1.1204 and 1.1405.
• The level of 1.1221 is representing the weekly pivot point. Therefore, it will be very useful to buy above the price of 1.1221 in the short term with the first target at 1.1305.
• Moreover, if the trend is able to break the double top at 1.1318, it might resume to 1.1402.

The weekly technical analysis of the EUR/USD pair: