Overview :
- The price of the EUR/USD pair has been still moving between 1.1482 and 1.1314. The level of 1.1482 will indicate strong resistance. Moreover, the price will form a double top above this level around the point of 1.1533. Therefore, it will be quite profitable to sell at 1.1533/1.1482 again in the long term with the first target at 1.1435, then it will continue towards 1.1320. Also, it should be noted that a strong support has been placed at 1.1314 on the H1 chart.
- On the other hand, if the price closes above the resistance (1.1533), the best location for placing a stop loss should be above 1.1560. In addition, please be aware that the trend has broken the weekly support 1 and resistance 1 this week, for that it calls for a bearish market. It is equally important that the RSI and the Moving Average (50) are still calling for a downtrend.
Intraday technical levels :
Date: 5/02/2015
Pair: EUR/USD
- R3: 1.1628
- R2: 1.1556
- R1: 1.1447
- PP: 1.1375
- S1: 1.1266
- S2: 1.1194
- S3: 1.1085
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 5, 2015 . Thanks for your support.
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