17.02.201418:07 Forex Analysis & Reviews: Intraday technical levels and trading recommendations for EUR/USD for February 17, 2014

Long-term review

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On the daily chart we can see that the bulls found enough demand around 1.3570 to push again towards 1.3680-1.3700 for another retesting.

A prominent top was established around the same price zone on January 24. This renders this price zone as a considerable supply for the pair.

Initial bearish target for this possible bearish rejection is located near 1.3530 (previously established bottom).

On the other hand, a possible inverted Head and Shoulders may be confirmed if the bulls manage to push above 1.3700 (neckline) aiming at 1.3900 corresponding to 100% Fibonacci expansion of the previous bullish swing.

In the short-term, temporary rejection may be expressed to retest 1.3500 as long as 1.3700 remains defended by the bulls.

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