Long-term review
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Trading recommendations:
- The price of the EUR/USD pair is going to turn to the bearish bias from the level of 1.2568. The level of 1.2568 represents the weekly resistance 1. Also, tt should be noticed that the range of the last week was narrow and formed a rectangle. Then, support will set at the level of 1.2350, but the double bottom is going to set at 1.2357; and resistance had already placed at the level of 1.2568. Accordingly, it will be a good sign to sell below 1.2568 with the first target of 1.2462 to test a minor support at this price (it represents the weekly pivot point too). So, it will call for a downtrend in order to continue its bearish movement towards 1.2357. However, the stop loss should be placed above 1.2568 at the price of 1.2571. Equally important, the support will set at the 1.2350 level. Additionally, it should be noted that the range today will be about 219 pips this week.
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