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Technical analysis of EUR/USD for February 5, 2015

eurusdh1.png

Overview :



  • The price of the EUR/USD pair has been still moving between 1.1482 and 1.1314. The level of 1.1482 will indicate strong resistance. Moreover, the price will form a double top above this level around the point of 1.1533. Therefore, it will be quite profitable to sell at 1.1533/1.1482 again in the long term with the first target at 1.1435, then it will continue towards 1.1320. Also, it should be noted that a strong support has been placed at 1.1314 on the H1 chart.

  • On the other hand, if the price closes above the resistance (1.1533), the best location for placing a stop loss should be above 1.1560. In addition, please be aware that the trend has broken the weekly support 1 and resistance 1 this week, for that it calls for a bearish market. It is equally important that the RSI and the Moving Average (50) are still calling for a downtrend.



Intraday technical levels :

Date: 5/02/2015

Pair: EUR/USD



  • R3: 1.1628

  • R2: 1.1556

  • R1: 1.1447

  • PP: 1.1375

  • S1: 1.1266

  • S2: 1.1194

  • S3: 1.1085



The material has been provided by InstaForex Company - www.instaforex.com