Technical analysis of EUR/USD for December 31, 2014 Market Analysis Review

Overview :

• The EUR/USD pair has rebounded from the minor resistance at the level of 1.2180, and it is now approaching its support in order to test it. Moreover, it should be noted that the price of 1.2205 is representing the weekly pivot point on the last day of 2014. So it will probably again start a downside movement in this area and recovery. Therefore, it will be a good sign to sell at this point with the first target of 1.2123 to form the double top and continue towards 1.2100 (it should be noted that this level will form the weekly support 1). On the other hand, in case of a break at the level of 1.2205, the best place to set the stop loss should be at the level of 1.2246.

Notes :

• Major support will set at the level of 1.2100.


• Major resistance has placed at the 1.2205 price.


• We expect a new range about 63 pips today.

Intraday technical levels :

Date:30/12/2014

Pair:EUR/USD

• R3: 1.2251


• R2: 1.2219


• R1: 1.2187


• PP: 1.2155


• S1: 1.2123


• S2: 1.2091


• S3: 1.2059

The material has been provided by InstaForex Company - www.instaforex.com



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