29.09.201400:08 Forex Analysis & Reviews: Weekly technical levels of EUR/USD for September 29, 2014

The weekly technical levels of EUR/USD

Outlook:

• The level of 1.2753 is going to form a coherent resistance on September 29, 2014. Moreover, it might be important to notice that the pivot point of the EUR/USD pair will set at the price of 1.2753. Also, it should be noted that the support was broken and turned to resistance last week. As a result in the short term it will very profitable to sell at 1.2650 with a target at 1.2606 in order to test the first support. On the other hand, the best place to set stop loss should be above the weekly pivot point.

Review:

• The pivot point: resistance 3 and support 3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through. Pivot lines work well on sideways markets as the prices are most likely to be located between the resistance 1 and support 1 lines. Within a strong trend, the price is expected to be lower than the pivot point line and to continue moving. If the breaking news released may affect the market, the price is likely to go straight through resistance 1 or support 1 and even reach resistance 2 and resistance 3 or support 2 and support 3.