Technical outlook and chart setups:
1. EUR/USD pair has been trading between 1.3740 and 1.3500 recently. As seen here, prices have turned back just shy of 1.3745/50, which is the 0.618 fibonacci retracement and resistance. It is recommended to initiate short positions now, risk remains at 1.3850.
2. Immediate resistance is seen at 1.3750/1.3800, while support is at 1.3500 (intermediary), followed by 1.3400, 1.3300, 1.3100 and lower.
3. The entire structure reveals that an important top could be in place at 1.3850 now and a major reversal might be underway. Extensions are pointing at 1.32 and 1.28 respectively.
Trading recommendations:
Short now, stop at 1.3850, target open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis for EUR/USD for January 30, 2014. . Thanks for your support on Technical analysis for EUR/USD for January 30, 2014.
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