FX.co ★ Technical analysis of EUR/USD for January 21, 2015

Overview:

• The minor support of the EUR/USD pair is going to set at 1.1485. And this level is going to represent the weekly support 1. But the second support had already set at the price of 1.1457. We sould consider the following important notice: the price hit the weekly pivot point and all supports because the market went through a high volatility last week. We expect a bearish market from the weekly pivot point at 1.1632. So, according to the previous events, the price of the EUR/USD pair is going to move between 1.1636 and 1.1480. Sell below the level of 1.1632 with the first target at 1.1555, then it will be continued towards 1.1485 to test the major support today. Also, it should be noticed that the double bottom will set at the same price of the major support (1.1485).

Notes:

• Check out the market volatility before investing, because the sight price may have already been reached and scenarios might have become invalidated.
• Additionally, the stop loss should always be taken in account. Therefore, it will be very safe to set your stop loss at the price of 1.1660.