FX.co ★ Technical analysis of EUR/USD for February 5, 2014

Overview: 

• The price of the EUR/USD pair is supposedly going to form strong support at the level of 1.3470. So, according to the previous events, the pair is still moving between 1.3480 and 1.3560. Additionally, it should note that the market is in the long term. Also, the support of the EUR/USD pair has been already set at the level of 1.3470; and the price of 1.3478 is going to form double bottom in H1 chart. As it is known, historic rates should be used to determine future prices. Consequently, it will be of the discernment to use historic rates to determine future prices. Therefore, buy above the price of 1.3470 with the first target at 1.3560 in order to test the weekly pivot point. Moreover, if the trend will be able to break the 1.3560 price, thus, it might resume to 1.3600. 
• Notes: Please check out the market volatility before investing, because the sight price may have already been reached and scenarios might have become invalidated.