- Today, the EUR/USD pair has rebounded from the level of 1.0494 towards the high price at 1.0642. So, the pair has moved up to 148 pips today and set a strong support at the price of 1.05000. On the other hand, the resistance has been already placed at the level of 1.0666 on March 12, 2014. Additionally, the double top is also coinciding with the same price at the level of 1.0666. Moreover, the EUR/USD pair broke the daily pivot point, but the price is still around it. Also, it should be noted that the market is calling for bearish market for weeks; even the market was rebounded today. Hence, the trend moved sideways and the range seemed extensive up to the levels of 1.0642 and 1.0666. According to the previous events, the price of the EUR/USD pair has been still trapped between the levels of 1.0666 and 1.0500. Therefore, it will be advantageous to sell at the price of 1.0666 with the first target at 1.0543 (the level of 1.0540 is going to represent the daily pivot point). If the price can break 1.0540, it may resume to 1.0500. Nevertheless, stop loss should be always taken into account. So it will be profitable to set the stop loss above the double top at the price of 1.0739.
The material has been provided by InstaForex Company – www.instaforex.com