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11.02.201515:00 Forex Analysis & Reviews: Technical analysis of EUR/USD for February 11, 2015

Long-term review

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Overview:

The market of the EUR/USD pair was not stable; and the trend was not also so clear. According to the previous events, the price has been still moving between the levels of 1.1379 and 1.1226. Thus, it is wise to be neutral at the level of weekly pivot point around the spot of 1.1379. Therefore, the first step is to wait for a period of tight sideway range market before breakouts. Then, it is likely that the market is going to start showing the signs of bullish market. In other words, it will be a good sign to buy above 1.1230 (weekly support 1) with a first target of 1.1325 and if the price breaks out this level, it will climb towards the price of 1.1366 (61.8% of Fibonacci retracement levels on the H1 chart). However, if the pair breaks 1.1264 and closure below it, the market will indicate a bearish opportunity below 1.1264. Then the support will be become a resistance, and it will be a good sign to sell below 1.1264 with a first target of 1.1226. It will also call for a downtrend in order to continue bearish movement towards 1.1200 (23.6% of Fibonacci retracement levels on the H1 chart) in order to create a new double bottom at this level.

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