- The EUR/USD pair is trading at the level of 1.1392. Also, the daily pivot point set at 1.1333 today, and the price is now around this key level. Consequently, the market has still been calling for a bearish market because the price has set below the key levels since the market opened. Accordingly, if the trend fails to close above the weekly pivot at the level of 1.1392, it will be a good opportunity to sell below 1.1392 with the first target at 1.1289 (this level is going to represent a new double bottom), it will be continued in downtrend towards 1.1231 in order to test the weekly support 2. At the same time, the stop loss should always be taken in account because it should never exceed your maximum exposure amounts. As a result, the best location to set your stop loss is seen below the level of 1.1392. It should be noted that the level of 1.1405 represents the double top.
The weekly technical analysis of the EUR/USD pair: