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Technical analysis of EUR/USD for January 07, 2016

1452164038_EURUSDH1.png

Overview:

  • The price of the EUR/USD pair has still been trading between 1.0902 and 1.0765 (weekly range). The level of 1.0902 will indicate a strong resistance; moreover, the price will form a double top at this level. Therefore, it will be quite profitable to sell at 1.0902 again (short term) with the first target at 1.0811 and then at 1.0765. Besides, a strong support has been placed at 1.0765 on the H1 chart. On the other hand, if the price closes above the resistance, then the best location for placing a stop loss should be above 1.0902. In addition, please be aware that the trend has broken the weekly support 1 and 2 as it calls for a bearish market. Equally important, the RSI and Moving Average (100) are still calling for a downtrend. Therefore, sell below the spot of 1.0902 with the targets of 1.0811, 1.0786 and 1.0762.

Intraday technical levels:

  • R3: 1.1025
  • R2: 1.0951
  • R1: 1.0902
  • PP: 1.0854
  • S1: 1.0811
  • S2: 1.0762
  • S3: 1.0709
The material has been provided by InstaForex Company - www.instaforex.com