The EUR/USD pair has broken its neckline and is attempting to pull back to its near strong resistance level at 1.357 (23.6% fib retracement). An overall trend is down. Price action is currently trading at the level 1.3514 and slightly below previous day close. A break below the level 1.3477 may trigger further downward movement to the level 1.3400, 1.3350 and 1.33 levels, which were our targets in previous reviews.
In the hourly chart, we can see oscillators showing a sell signal and the pair trading below the 21DEMA.
Intraday-
Support: 1.3495, 1.34
Resistance: 1.3528, 1.354
In the daily chart, the pair was trading during last the two days with higher high -higher lows. We can see the trend change action in the short term. Also, we can see oscillators in the oversold zone. If the pair trades above the level 1.3540, it can fly up to 1.36 and 1.3666. If the price breaks below the Monday's low, we will see the downward momentum near 1.3400.
Positional-
Support: 1.3477, 1.34, 1.33
Resistance: 1.3540, 1.36, 1.3666
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on market trends you may visit via Technical analysis of EUR/USD for February 05, 2014 . Thanks for your support on Technical analysis of EUR/USD for February 05, 2014
No comments:
Post a Comment