Technical analysis of EUR/USD for January 29, 2016

1454060504_EURUSDH1.png

Overview:

  • Today, the EUR/USD pair will probably turn to bearish sentiment from the level of 1.0922 because the first resistance is seen at the level of 1.0922. The double top was also placed near the resistance at 1.0984. Accordingly, it will profitable to sell at 1.0922 with the first target at 1.0850/1.0856 testing minor support at this level, which represents a the ratio of 38.2% Fibonacci retracement in the H1 chart. If the trend breaks 38.2% Fibonacci retracement, it will call for a downtrend in order to continue its bearish movement towards 1.0724. The weekly support one is found at 1.0724 thus week. However, the stop loss should be placed at the level of 1.1005. Equally important, the support level is seen at 1.0724. Therefore, we expect a range between the levels of 1.0724 and 1.0984 today.

The material has been provided by InstaForex Company – www.instaforex.com

Shares