Weekly technical levels of EUR/USD for January 27-31, 2014

Weekly technical levels

Trading recommendations:

• According to the previous events, the price of the EUR/USD pair is still moving between the levels of 1.3740 and 1.3640. Moreover, it should be noted that the market was so stable and the trend was also too clear (upward), as well as the range was around 232 pips last week. Additionally, the value of 100% Fibonacci retracement levels is 1.3739 (double top). The key level of 1.3777 is presented for downtrend to confirm a bearish market and this level will act as a strong resistance because is coinciding with the weekly resistance 1. Therefore, sell deals are recommended below the 1.3777 level with targets at the level of 1.3642 in order to form a double bottom at this level, and it will resume towards 1.36 to try break the weekly pivot point to call for the bearish market below 1.3642 on January 27, 2014.

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