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Technical analysis of EUR/USD for January 29, 2018



  • The EUR/USD pair will continue to rise from the spot of 1.2396 and 1.2352. The support is found at the level of 1.2352, which represents the 50% Fibonacci retracement level in the H1 time frame. The price is likely to form a double bottom. Today, the major support is seen at 1.2352, while immediate resistance is seen at 1.2458. Accordingly, the EUR/USD pair is showing signs of strength following a breakout of a high at 1.2396. So, buy above the level of 1.2396 with the first target at 1.2458 in order to test the daily resistance 1 and move further to 1.2498. Also, the level of 1.2538 is a good place to take profit because it will form a double top. Amid the previous events, the pair is still in an uptrend; for that we expect the EUR/USD pair to climb from 1.2396 today. At the same time, in case a reversal takes place and the EUR/USD pair breaks through the support level of 1.2396, a further decline to 1.2254 can occur, which would indicate a bearish market.
The material has been provided by InstaForex Company -