FX.co ★ Technical analysis of EUR/USD for January 11, 2016

Overview:

• The price of the EUR/USD pair is going to move between the levels of 1.1009 and 1.0774. As a result, the range of the EUR/USD pair will be around 235 pips in coming days. The resistance has been set at the level of 1.1009 this week, and a minor support stands at 1.0860 because it is representing the weekly pivot point. Equally important, support has been set at 1.0774 being the weekly support level. So, the market will indicate a bearish opportunity below 1.1009, because the level of 1.1009 was forming a support last week and turned into strong resistance this week. Therefore, it will be a good sign to sell below the price of 1.1009 with the first target of 1.0860 in order to test the pivot point on the H1 chart. Furthermore, if the trend manages to close below the 1.0860 level, then the market will be developing a downtrend below the double bottom towards the level of 1.07780.

Weekly technical analysis of EUR/USD: