Forex Analysis & Reviews: 14.01.2015 - Technical analysis of...

14.01.2015 02:08 AM

Technical analysis of EUR/USD for January 14, 2015

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Trading recommendations:

The support of the EUR/USD pair has set at the price of 1.1856 and this price coincides with the weekly pivot point.
The first key level will set at the level of 1.1856 and the second key level will set at 1.1805 today.
Moreover, it should be noted that the area between 1.1805 and 1.1737 represents strong support on H1 chart.
Equally important, the price of the EUR/USD pair is still moving between 1.1788 and 1.1742.
Additionally, it should be noticed that the range was about 222 pips last week, but we expect a large range around 300 pips this week.
Furthermore, the trend was very clear and indicating a downward bias. Accordingly, we expect that the trend is going to call for the bearish market at the level of 1.1856 or 1.1805.
As a result, sell at the price of 1.1856 or 1.1805 with the first target of 1.1760, it might resume to 1.1753 in order to test the double bottom.
The level of 1.1666 will act as strong support in coming days.
On the other hand, your stop loss should be placed above the 1.1856 level, hence it will helpful to set it at the price of 1.1886 this week.