Forex Analysis:::2014-01-02T05:33:30
Daily analysis of EUR/USD for January 2, 2013
- Daily pivot point: 1.3781
- Trading recommendations:
- According to previous events, the EUR/USD pair has still been trapped between the level of 1.3860 and the 1.3687 level (those levels coincided with the fibonacci retracement levels 88.2% and 23.6 respectively). It should be noted that the 1.3884 price (around double top at the level of 1.3892) will act as a strong resistance on January 2, 2013. Therefore, it will be too gainful to sell short below 1.3890 and look for further downside with 1.3793 and 1.3685 targets. It should also be reminded that stop loss must never exceed the maximum exposure amounts. Thus, stop loss should be placed at the 1.3933 level today.
- Intraday technical levels:
- R3: 1,3925
- R2: 1,3871
- R1: 1,3835
- PP: 1,3781
- S1: 1,3745
- S2: 1,3691
- S3: 1,3655
Mourad El Keddani
Analyst InstaForex
