Technical analysis of EUR/USD for February 05, 2014

The EUR/USD pair has broken its neckline and is attempting to
pull back to its near strong resistance level at 1.357 (23.6% fib retracement).
An overall trend is down. Price action
is currently trading at the level 1.3514 and slightly below previous day close. A break below the level 1.3477 may trigger further downward movement to the level 1.3400, 1.3350 and 1.33 levels, which were our targets in previous reviews.

In the hourly chart, we can see oscillators showing a sell
signal and the pair trading below the 21DEMA.

Intraday-

Support: 1.3495, 1.34

Resistance: 1.3528, 1.354

In the daily chart, the pair was trading during last the two days with higher high -higher lows. We can
see the trend change action in the short term. Also, we can see oscillators in the oversold
zone. If the pair trades above the level 1.3540, it can fly up to 1.36 and
1.3666. If the price breaks below the Monday’s low, we will see the downward momentum
near 1.3400.

Positional-

Support: 1.3477, 1.34, 1.33

Resistance: 1.3540, 1.36, 1.3666

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