Weekly technical analysis here is based on closing market prices until the end of last week (May 29, 2015), and is intended as a reference for the medium and long termtrading.
EUR/USD:
Daily chart: a bullish correction is likely to occur:
1. Formation of morning star candle formation on 26-28 may, which hinted at the possibility a bullish movement.
2. The curve of the stochastics indicator K% cut curves%d of the bottom, and are atoversold area, indicating the possibility of a bullish movement.
Confirmation buy if prices penetrate the resistance curve 1.1000 simple moving average (sma) 100, and middle bands Bollinger Bands indicator.
Weekly: 1.0938 pivot level
Resistance: 1.1000; 1.1097 (lowest level 26 January 2015); 1.1217 (61.8% Fibonacci retracement level-1); 1.1288 (the level of 23.6% Fibonacci retracement-2); 1.1383;1.1465 (highest level of May 15, 2015); 1.1533; 1.1620; 1.1753; 1.1806 (38.2% Fibonacci retracement level-2); 1.1875.
Support: 1.0922; 1.0860; 1.0760; 1.0680; 1.0600; 1.0550; 1.0500.
Indicators: simple moving average (sma) 200 and 100; Bollinger Bands (20.2);stochastics (14, 3.3); ADX (14).
Level-level important: EUR/USD 1.2000; 1.1875: 1.1753: 1.1700; 1.1620; 1.1540; to;1.1460; 1.1373; 1.1313; 1.1290; 1.1200; 1.1113: 1.1050; 1.1000; 1.0910; 1.0860; 1.0760:1.0500; 1.0208; 1.0170.
Fibonacci retracement (1):
Swing low: 0.8225 point (lowest price, October 26, 2000)
Swing high point: 1.6037 (highest price, July 15, 2008)
Fibonacci retracement (2):
Swing high point: 1.3992 (highest price may 8th, 2015)
Swing low: 1.0461 point (lowest price March 13, 2015)
Fibonacci fan:
Swing high point: 1.3410 (highest price August 15, 2014)
Swing low: 1.2499 point (lowest price 3 October 2014)
High-impact data and events this week is the CPI of the Euro area, ECBmeeting/interest rates ECB press conference, Mario Draghi, U.S. Non-Farm Payrolls, USISM Manufacturing index and U.S. Jobless Claims.
