31.01.201212:40 Forex Analysis & Reviews: EUR/USD Intraday Technical Analysis

Long-term review

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Intraday resistance was established around 1.7150-1.7190. A short-term SELL position was suggested in the previous articles.

The price levels of 1.7050 - 1.7000 failed to provide enough support for the pair. Hence, the bears had a potential bearish target around 1.6970 and then 1.6920.

DAILY fixation below 1.6980-1.7000 applied intensive bearish pressure on the price zone of 1.6920-1.6900 leading to its breakdown as well.

Bullish recovery was evident around 1.6800 - 1.6820 manifested during the previous visit (Monday's daily candlestick)

However, this price zone failed to provide support during the 2nd visit that took place on Friday exposing the price level of 1.6765 for retesting.

As expected, price levels around 1.6760 provided a valid BUY entry towards 1.6820.

On Wednesday, the price levels around 1.6800-1.6820 offered a valid SELL entry. SL should be set at daily closure above 1.6860.

Bearish targets should have been reached initially around 1.6670 where the lower limit of the ongoing bearish 4H channel is located.

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