16.02.201505:12 Forex Analysis & Reviews: Technical analysis and trading recommendations on EUR/USD for February 16, 2015

Long-term review

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Last week, the weaker US dollar helped the Euro gain 0.70%. This week, traders are keeping an eye on the situation in Greece. The outcome is a crucial factor for the Euro. In case if Greece is pushed away from the eurpzone, the Euro will dismantle. However, the parties have reached no accord so far. A lot of pessimism arouses around the Greek deal. It is not a good sign for the Euro.

During the previous week, the pair managed to close above 20Dsma. The pair has weekly resistance at 1.1535, above it we can expect a strong upswing in the near term. As of now, the monthly resistance is set at 1.2000 or 50Dsma and support exists at 1.0762. Support is placed at 1.1360 20Dsma, below it 1.1270 and 1.1260 will act as trend decider levels. For an intraday session, we recommend buying above 1.1450 with the targets at 1.1495 and 1.1530. In case if Greece comes to an agreement with the Eurogroup, then we can expect a strong reversal in the near future. Ahead of the Eurogroup meeting, the Euro is trading in green against the US dollar. The prices are taking multiple support levels between 1.1280 and 1.1260. The panic will be triggered below 1.1280 for another low. We recommend selling below 1.1340, risky traders can start selling below 1.1380 with the targets at 1.1300, 1.1280, and 1.1260. The intraday resistance exists at 1.1430 and 1.1450.

Risky selling below 1.1380, safe selling below 1.1340.

Buying above 1.1450.

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