FX.co ★ Technical analysis of EUR/USD for July 28, 2014

Overview:

• The EUR/USD pair has rebounded from the minor support at the level of 1.3415. Now, it is approaching its support in order to test it. Moreover, it should be noted that the price of 1.3420 is representing the daily pivot point today. Equally important, the daily pivot point is coinciding with the ratio of 23.6% Fibonacci retracement levels. Consequently, it will probably start upside movement in this area and recover again. Therefore, it will be a good sign to buy at this spot with the first target of 1.3503 (it should be noted that this level will form the weekly resistance 1) and continue towards 1.3551 to form the double top in the daily chart. On the other hand, in case of breaking of 1.3377, a good place for stop loss will be below 1.3350.

Notes:

• The major resistance will be set at the level of 1.3551.
• The minor support is going to be placed at 1.3415.
• We expect a new range of about 63 pips today.