Overview:
- The EUR/USD pair is likely to move between the levels of 1.0777 and 1.0876 on January 25, 2016. The level of 1.0777 will act as strong support. Intraday resistance is seen at the level of 1.0850. Also, the weekly pivot point sets at the level of 1.0850. In the short term, we expect a new double top to be formed at the level of 1.0850. Therefore, it will be wise to buy above the area of 1.0850 with the first target at 1.0876 (minor resistance), then it will continue towards the level of 1.0922 in order to test the weekly resistance 1. However, stop loss should be placed below the double bottom at 1.0743.
Observations:
- A trend still calls for a bullish market from the level of 1.0850.
- Support is found at the level of 1.0777.
- The weekly resistance has been already placed at 1.0922.
- So, we expect a weekly range between the levels of 1.0777 and 1.0970.
- The weekly pivot point is set at 1.0850. So, if the price moves above the level of 1.0850, it will confirm a bullish market.
The weekly technical analysis of EUR/USD pair:
