21.04.201411:28 Forex Analysis & Reviews: Weekly technical levels of EUR/USD for April 21-25, 2014

Weekly technical levels of the EUR/USD pair.

Overview:

• The EUR/USD pair has broken a major resistance at the level of 1.3894. Additionally, it should be noted that the gap had opened below the major resistance last week. Moreover, the weekly pivot point calculated at 1.3820 this week and it is now approaching from it in order to test it. Therefore, it will probably start upside movement at this area and recover again. So the market will indicate a bullish opportunity above the weekly pivot point (1.3820 ) for that it will a good sign to buy at this spot with a first target of 1.3863 (the double top), and continue towards 1.3890. On other hand, if there is a break at the price of 1.3805, then it will be a good location for placing the stop loss.

Notes:

• The daily support will set at the level of 1.3746.
• The major resistance is going to set at the 1.3894.
• We saw an insignificant range of 74 pips last week because the volatility was not high. But, this week we expect the large range of 180 pips.