On 30 July 2015:
- Amid the previous events, the pEUR/USD pair is still trapped between the levels of 1.1000 and 1.0890. Today, the strong resistance is seen at the key level of 1.1000 in the H1 chart. Moreover, the price is below the moving average (100) since yesterday in the same time frame. Therefore, sell below the level of 1.1000 (the key resistance) with the first target at 1.0930, then it will be continued towards 1.0884 (23.6% Fibonacci retracement levels) to test the weekly pivot point.
It should notice the following important observations:
- The double top will set at the level of 1.1006 (around the golden ratio).
- The major support is seen at 1.0884. This level will represent the weekly support one.
- The minor support has already set at the level of 1.0930. But the double bottom is not coinciding with the major support at the level of 1.0884.
- We expect a range about 110 pips(1.1000 – 1.0890) in coming hours.
- Please check out the market volatility before investing because the current scenarios could be invalidated.
The material has been provided by InstaForex Company – www.instaforex.com