Technical analysis of EUR/USD for May 29, 2015

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Overview:

  • The resistance of
    the EUR/USD pair has been already set at 1.0993 (50% of Fibonacci retracement
    level). Also, it should be noted that the level at 1.0993 represents the daily
    pivot point. Furthermore, it will be very profitable to sell below this level
    for retesting this level in the short term. Therefore, sell deals are
    recommended below the daily pivot point (1.0993) with targets at 1.0881 (the
    level of 1.0881 is representing the daily support 1) and 1.0820 to reach the
    double bottom. On the contrary, the support is going to set at the level of
    1.0820 today. As a result, the ascendant movement will probably be higher than
    the 1.0820 level with a target at the daily pivot point (1.0993). Moreover, if
    the trend is able to break the level of 1.0993, the market will continue
    straightly towards the second target at 1.1105, which is a golden ratio in the
    H4 chart.

Comment:

  • The weekly key level sets at 1.1000 and this level could not hit the moving average (100).
  • The value of 50% Fibonacci retracement levels: 1.0993. The area aroiund 1.0993 is a useful spot to buy above it in the long term today.
  • We expect a range of 110 pips.
  • Stop loss should never exceed your maximum exposure amounts.
  • As a rule, the market is highly volatile if the lprevioust day had a huge volatility.

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The material has been provided by InstaForex Company – www.instaforex.com

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