Traders are keeping an eye on the Greek election. Today, the radical left party has won the election. The Euro drifted to a fresh 11-year low. At Friday's session, the euro made a low at 1.1115 against the USD. After the ECB decision on 1.2 trillion euros, the pair lost more than 500 pips in 2 sessions. Today, another important report in the European economic calendar will be German Ifo business climate data. We are expecting an uptick from 105.50 in December.
As we recommended in Friday's article, in case if the pair breaks below 1.1300, we can see 1.1000. The pair made a low at 1.1115. The pair has weekly resistance at 1.1460 and 1.1600. Until the pair closes above 1.1600, use every rise to sell. The pair has intraday resistance at 1.1291, above this at 1.1330. The safe buying will be triggered only above 1.1330 with the targets at 1.1400, 1.1460, and 1.1500. Currently, there is no hope for bulls to take control over the pair. We recommend fresh selling at the current market price at 1.1200 with the targets at 1.1100, 1.1050, 1.1000, and 1.0700.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Technical Analysis of EUR/USD for January 26, 2015 . Thanks for your support.
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