Technical analysis of EUR/USD for February 12, 2014

Trading recommendations:

• The EUR/USD pair is in the short term.
• The price of the EUR/USD pair is going to turn to bearish sentiment from the level of 1.3722. Accordingly, it will a good sign to sell below 1.3722 with the first target of 1.3636 to test a minor support at this price. Also, it will call for downtrend in order to continue its bearish movement towards 1.3563.
• At the same time, the stop loss should be placed above 1.3722 at the price of 1.3774. Equally important, the support will set at the 1.3563 level. Additionally, it should be noted that the range today will be about 60 pips.

Notes:

• The stop loss has set in 52 pips.
  Hence, the risk of 53 pips should make a profit of 78 pips.
• Volatility: 72.37. As a rule, the market is highly volatile if the last day had a huge volatility.

Intraday technical levels:

• R3: 1.3722
• R2: 1.3702
• R1: 1.3669
• PP: 1.3649
• S1: 1.3616
• S2: 1.3596
• S3: 1.3563

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