Intraday technical levels and trading recommendations for EUR/USD for January 21, 2014
January 21, 2014 1:45 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 (January 2). This led to the current bearish movement within the newly established bearish channel.
Within the depicted bearish channel, the bears managed to hit lower lows at 1.3550 then 1.3500 (bullish rejection was expressed yesterday)
The daily chart outlook remains bearish probably targeting at 1.3470-1.3400 (lower limit of the channel and 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 bearish movement towards 1.3500 earlier this week.
The pair remains moving within the channel probably heading to test the lower limit at 1.3450 where bullish rejection is expected to be found.
We should note that 1.3525 is an important key-level on the intraday basis. It corresponds to previous price ranges that goes back to December 3. 4H fixation below which is essential to gather futher momentum to push towards levels around 1.3400. Otherwise, a bullish impulse towards 1.3600 would be expected.
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 (January 2). This led to the current bearish movement within the newly established bearish channel.
Within the depicted bearish channel, the bears managed to hit lower lows at 1.3550 then 1.3500 (bullish rejection was expressed yesterday)
The daily chart outlook remains bearish probably targeting at 1.3470-1.3400 (lower limit of the channel and 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 bearish movement towards 1.3500 earlier this week.
The pair remains moving within the channel probably heading to test the lower limit at 1.3450 where bullish rejection is expected to be found.
We should note that 1.3525 is an important key-level on the intraday basis. It corresponds to previous price ranges that goes back to December 3. 4H fixation below which is essential to gather futher momentum to push towards levels around 1.3400. Otherwise, a bullish impulse towards 1.3600 would be expected.
The material has been provided by InstaForex Company – www.instaforex.com
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