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08.02.201522:58 Forex Analysis & Reviews: Weekly technical levels for EUR/USD for February 9-13, 2015

Long-term review

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The weekly technical levels for EUR/USD pair:

Overview

In all probability, the price of EUR/USD pair is going to move between the levels of 1.1380 and 1.1225. As a result, the range of the EUR/USD pair will be around 155 pips. The resistance has set at the level of 1.1378 this week because it is representing the weekly pivot point. Equally important, support has set at 1.1226 being the weekly support level. So, the market will indicate a bearish opportunity below 1.1380, because the level of 1.1380 was forming a support last week and turned to strong resistance today. Therefore, it will be a good sign to sell below the price of 1.1380 with the first target of 1.1292 in order to test the bottom on H1 chart. Furthermore, if the trend manages to close below the 1.1292 level, then the market will be developing in a downtrend below the double bottom towards the level of 1.1226 on February 9, 2015.

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