Overview :
- On the H1 chart, the double top of the EUR/USD pair will be set at the level of 1.1448 and the double bottom is going to be set at 1.1269. Also, it should be noted that the price hit the weekly pivot point, the support 1, the support 2 and returned to the support 1 this week. Moreover, the major supports are going to be set at the levels of 1.1292 and 1.1269. So, according to the previous events, the price of the EUR/USD pair is going to move between 1.1292 and 1.1385. Hence, we expect a range of 275 pips this week. Furthermore, the level of 1.1367 is representing the weekly pivot point. Therefore, it will be very useful to sell below the prices of 1.1385 and 1.1367 in the long term with the first target at 1.1292 and it is continuing toward the the double bottom at 1.1269 again. However, the stop loss should be placed at 1.1470.
Intraday technical levels :
- R2: 1.1465
- R1: 1.1412
- PP: 1.1370
- S1: 1.1311
- S2: 1.1269
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of EUR/USD for February 18, 2015 . Thanks for your support.
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