Technical outlook and chart setups:
1. The EUR/USD pair is back towards range bottom at the 1.3530/50 levels. It is recommended to keep short positions taken yesterday. A push through 1.3500 would prove to be extremely bearish, while risk remains at 1.3850.
2. Immediate resistance is at 1.3740/50, followed by 1.3850, while supports are spread through 1.3500 (intermediary), followed by 1.3400, 1.3300, 1.3100 and 1.2700 respectively.
3. The entire structure reveals that a major top formation has taken place at 1.3850/90 now, and the bear trend could possibly resume. The down side extensions are 1.3200 and 1.2800 respectively as seen here.
Trading recommendations:
Hold on to short positions, stop at 1.3850, target 1.32 and 1.28
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 31, 2014. . Thanks for your support on Technical analysis for EUR/USD for January 31, 2014.
No comments:
Post a Comment