FX.co ★ Technical analysis of EUR/USD for January 30, 2015

Trading recommendations:

• According to the previous events, the price of EUR/USD is going to move between the levels of 1.1240 and 1.3360. It should be noted that the market is calling for a sideways trend. And the strong support has been already placed at the level of 1.1235 (23.6% Fibonacci retracement levels). So, buy above the level of 1.1235 which represents a minor support on the H1 chart with the first target at 1.3320. Then, the trend will be able to continue toward the level of 1.3360 in order to test the resistance . Also, it should be noticed that the weekly resistance 1 coincides with the price of 1.2389. Nevertheless, the stop loss should be set at 1.1208.

Review:

• The key level will be set at the level of 1.3334. Also, it should be noted that the level of 1.3334 represents the weekly pivot point.
• The support of the EUR/USD pair has already set at 1.1235.
• Moreover, the weekly support 1 will be set at the same level. If the trend fails to close below the level of 1.1235, it will be a good opportunity to buy above 1.1235 with the first target at 1.3020, then it will be continued straight towards 1.3060 in the coming hours.
• The price of 1.1389 represents the weekly resistance 1, and 1.1395 is going to form a double top on the H1 chart.
• So, we expect a new range about 210 pips this week.