Technical analysis of EUR/USD for January 28, 2015 Market Analysis Review

Overview :

• The double top of the EUR/USD pair will be set at the level of 1.1576 and the double bottom is going to be set at 1.1114 level.


• The strong resistance has been already placed at the same price of the double top around the area of 1.1576 which represents the 61.8% of Fibonacci retracement levels in H1 chart.


• The major support is going to be set at 1.1202 on January 28, 2015.


• So, according to the previous events, the price of the EUR/USD pair is going to move between 1.1202 and 1.1576.


• We expect a range of 274 pips this week.


• The level of 1.3332 is representing the weekly pivot point.


• Therefore, it will be very useful to sell below the prices of 1.1576/1.3332 in the short-term with the first target at 1.1200; but if the trend is able to break the major support at 1.1200, it might resume to 1.1114 in order to test the double bottom again.

Intraday technical levels:

Date:28/01/2015

Pair:EUR/USD

• R3: 1.1659


• R2: 1.1540


• R1: 1.1460


• PP: 1.1341


• S1: 1.1261


• S2: 1.1142


• S3: 1.1062

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



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