25 August 2015, EUR/USD
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Technical View:
The EUR/USD broke above major resistance of 1.1264. it is therefore expected that the level 1.1264 will act as a strong support in the cause of this week. Furthermore, the pair's weekly pivot point stands at 1.1264 but the pair managed to move away from it from the previous week. Thus, we should expect sell positions at the level 17133. Trader buying this pair should wait for a buy signal when the price reach 1.1262, or 1.1387 then buy. In an alternative scenario, should the price break break below 1.1262, short positions are recommended.
Trading recommendation
The pair is currently trading at 1.1549, we anticipate the corrective move to continue up to 1.1465 or 1.1384. Any movements below this points will signal further movements downwards. However, should the price cross above 1.17133, then long positions should be considered.
Key levels
Resistances 1: 17133
Support1: 1.1264
Support 2:1.1263
Support 3: 1.1388
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