- The The daily pivot point of EUR/USD pair set at the level of 1.1324 this week. Now it is acting as strong support. As it is known, buyers are bidding for a lower prices. Therefore, the first key level is seen at1.1324 and the second key level is expected at 1.1360. So, the support area is found at the level of 1.1324/1.1360, while the double bottom is going to formed at 1.1320. The EUR/USD pair has called for the bullish market starting from the level of 1.1324/1.1360, because the price of 1.1324 represents strong support. We advise to buy above the support at 1.1324 with the first target at 1.1471 in order to test the weekly resistance 2 (61.8% Fibonacci retracement levels). Moreover, if the pair is able to break the level of 1.1471, it will continue moving towards 1.1503. However, the stop loss has always been in consideration. Thus, it will be useful below the last double bottom at the level of 1.1320 (notice that the major support on September 18, 2015 set at 1.1324).
- The daily pivot point 1.1324 could hit the moving average (50).
- Please check out the market volatility before investing, because the sight price may have already been reached and scenarios might have become invalidated.
- Stop loss should never exceed your maximum exposure amounts.
- As a rule, the market is highly volatile if the previous day had a huge volatility.
The material has been provided by InstaForex Company – www.instaforex.com