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Technical analysis of EUR/USD for May 13, 2015

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Overview:
  • The weekly pivot point for the EUR/USD pair has been set at the level of 1.1219. Consequently, the market has still been calling for upward because the price has set above the weekly pivot point at 1.1230 since yesterday. If the trend fails to close above the level of 1.1219, it will be a good opportunity to buy above the weekly pivot point with the first target at 1.1267 in order to test minor resistance, then it will be continued in uptrend towards 1.1371 (this level is likely to represent the weekly support 1). On the other hand, the stop loss should always be taken in account because it should never exceed your maximum exposure amounts. The best location to set your stop loss is seen below the double bottom at the level of 1.1176. We expect the trend to call for the bearish market at the level of 1.1371 or 1.1391 (double top) in the H1 chart. As a result, sell at the levels of 1.1371 or 1.1391 with the first target at 1.1219 in order to test the weekly pivot point. It might resume to 1.1143 later.
Uitgevoerd door, Analytische expert
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