Technical analysis of EUR/USD for January 14, 2016 Market Analysis Review

Overview:

• The EEUR/USD pair has rebounded from the minor support at the level of 1.0860, and it is now approaching its resistance in order to test it in the area of 1.0010. Additionally, the level of 1.0991 represents the double top in the H1 chart. Another thought, the weekly pivot point sets at 1.0860 for that this area will act as minor support today. Consequently, the range of the EUR/USD pair will be around 150 pips in coming days. So depending on previous events, the EUR/USD pair will move between the levels of 1.0860 and 1.1010. Therefore, it will probably start upside movement at 1.0900 and recovery again. Thereupon, it will be a good sign to buy at this spot with the first target at 1.0900 and second target at the level of 1.0991 to form the double top and continue towards 1.1010 (it should be noted that this level will form the weekly resistance 1) tomorrow. On the other hand, in case of a break of 1.0860, a good place for stop loss will be below 1.0845.

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