- In the H1 chart, the weekly pivot point of the EUR/USD pair is at the level of 1.1154. At the same time frame, the level of 1.0861 is representing the weekly support 1. The market is still calling for downward movement because the price has set below the weekly pivot point at 1.1154 since yesterday. If the trend fails to close above the level of 1.1154, it will be a good opportunity to sell below his area with the first target at 1.0861 in order to test the weekly support 1. However, the stop loss should always be taken in account because it should never exceed your maximum exposure amounts. Thus, the best location to set your stop loss is seen above the level of 1.1173.
- It should be noted that if there is no significant news to influence, the market price will be moving from pivot point to resistance 1 or support 1. But if there is significant news to influence, the price may go straight through resistance 1 or support 1 and reach resistance 2 or support 2 and even resistance 3 or support 3. According to the previous events, the GBP/USD pair is going to move between 1.1154 and 1.0861.
- The resistance will be set at the level of 1.1154 and the support has already been placed at the price of 1.0861.
- We expect a new range about 348 pips this week.
- The key level will set at the level of 1.1000 (psychological level).
The weekly technical analysis of EUR/USD pair: