Technical analysis of EUR/USD for January 24, 2014

Overview:

• The EUR/USD pair resistance was broken and it was turned to support at the price of 1.3653 yesterday (January 23, 2014), therefore the pair has already formed a new strong support at the 1.3653 level. Moreover, after it had closed above it today, the pair started signing the bullish market, Additionaly, It should also be noted that the RSI has still called for uptrend at the level mentioned before. Consequently, the price of the EUR/USD pair indicates a bullish opportunity at the level of 1.3656 with the first target of 1.3700 in order to form a double top, and continues towards 1.3748 above the weekly resistance 1, as well as to try hit the weekly resistance 2. However, in case of reversal takes place and the EUR/USD pair breaks through the new support level of 1.3653, thereupon the market will lead to further decline to 1.36 for today.

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