FX.co ★ Technical analysis of EUR/USD for January 28, 2015

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