Intraday technical levels and trading recommendations for EUR/USD for January 17, 2014
January 17, 2014 2:15 pm
Bullish movement above 1.3450 within the depicted bullish channel allowed the pair to reach further supply levels around 1.3650 and 1.3750, respectively. This was taking place until obvious bearish rejection was expressed at 1.3850 (failing to reach 100% Fibonacci Expansion at 1.3904).
A breakdown of the depicted bullish channel took place shortly after. This led to sliding towards 1.3600 then 1.3550 where a temporary low was recorded.
On Wednesday, the EUR/USD pair expressed a strong bearish engulfing daily candlestick which puts further bearish pressure on 1.3600. However, Yesterday’s daily candlestick failed to close below 1.3600 showing temporary bullish presence there.
The daily chart outlook remains bearish probably targeting at 1.3570 then 1.3470-1.3400 (prominent DEMAND levels on the DAILY chart).
The EUR/USD pair consolidated around 100-SMA (located at 1.3660) showing indecision. As expected, this led to a corrective bearish movement towards 1.3600 this week.
The price level of 1.3580 showed some bullish rejection. However, today,the bears are pushing again below 1.3600.
A breakdown of 1.3600 opens the way directly towards temporary support located around 1.3560 (backside of a broken downtrend line) where price action should be watched.
The price zone of 1.3490-1.3520 is considered a prominent DEMAND being the lower limit of the ongoing bearish channel as well as psychological support.A valid buy entry may be taken there with SL as 4H closure below 1.3450.
The material has been provided by InstaForex Company – www.instaforex.com
Bullish movement above 1.3450 within the depicted bullish channel allowed the pair to reach further supply levels around 1.3650 and 1.3750, respectively. This was taking place until obvious bearish rejection was expressed at 1.3850 (failing to reach 100% Fibonacci Expansion at 1.3904).
A breakdown of the depicted bullish channel took place shortly after. This led to sliding towards 1.3600 then 1.3550 where a temporary low was recorded.
On Wednesday, the EUR/USD pair expressed a strong bearish engulfing daily candlestick which puts further bearish pressure on 1.3600. However, Yesterday’s daily candlestick failed to close below 1.3600 showing temporary bullish presence there.
The daily chart outlook remains bearish probably targeting at 1.3570 then 1.3470-1.3400 (prominent DEMAND levels on the DAILY chart).
The EUR/USD pair consolidated around 100-SMA (located at 1.3660) showing indecision. As expected, this led to a corrective bearish movement towards 1.3600 this week.
The price level of 1.3580 showed some bullish rejection. However, today,the bears are pushing again below 1.3600.
A breakdown of 1.3600 opens the way directly towards temporary support located around 1.3560 (backside of a broken downtrend line) where price action should be watched.
The price zone of 1.3490-1.3520 is considered a prominent DEMAND being the lower limit of the ongoing bearish channel as well as psychological support.A valid buy entry may be taken there with SL as 4H closure below 1.3450.
The material has been provided by InstaForex Company – www.instaforex.com
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