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Technical analysis of EUR/USD for August 4-7, 2015

The weekly technical analysis of EUR/USD pair:

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Overview:

  • The price of the EUR/USD pair is still trading between the levels of 1.0892 and 1.1038 (golden ratio). The levels of 1.1001 and 1.0875 are representing the weekly pivot point and support 1, respectively. But, it will be very profitable to sell below the level of 1.1038 which represents the minor resistance on the H1 chart with the first target at 1.0892 in order to test the double bottom. Then, the trend will be able to continue toward the levels of 1.0875 (the weekly support 1 is set at the price of 1.0875). Besides, the monthly doubel bottom coincides with the price of 1.0860. Nevertheless, the stop loss should be set at 1.1060 (above the resistance).


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