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
