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12.02.201523:23 Forex Analysis & Reviews: Technical analysis of EUR/USD for February 13, 2015

Long-term review

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Overview:

The EUR/USD pair rebounded from the level of 1.1304 (23.6% of Fibonacci retracement levels on H4 chart). Hence, the trend has been showing signs of strenght after the level of 1.1304 since yesterday. Equally important, it should be noted that the resistance has broken and it has turned into support at the same key level (1.1304). In addition, the price will set above the new support for a while because the pair has already formed a strong support at 1.1304. Furthermore, the trend is expected to move between the levels of 1.1325 and 1.1452 until the end of this week. Therefore, the EUR/USD pair will start showing signs of the bullish market from minor support around the 1.1340-1.1366 area again in order to indicate a bullish opportunity at 1.1340 or/and 1.1366 with a first target of 1.1432 (38.2% of Fibonacci retracement levels). The pair will continue towards 1.1492 to test the last double top on the 4h chart. On the contrary, if the level of 1.1304 is broken, the pair could close below it at the same time frame. It is 1.1300 which means that the market will call for a downtrend below the level of 1.3600 to start a bearish bias towards 1.1245 on Friday 13 February, 2015.

Intraday technical levels:

Date: 13/02/2015

Pair: EUR/USD

R3: 1.1570
R2: 1.1496
R1: 1.1450
PP: 1.1376
S1: 1.1330
S2: 1.1256
S3: 1.1210

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