03.02.201512:02 Forex Analysis & Reviews: Technical analysis of EUR/USD for February 3, 2015

Long-term review

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Trading recommendations:

The support of the EUR/USD pair has already set at 1.1270 on February 3, 2015. In the short term, the weekly pivot is acting as a support for a while. Furthermore, it will be very profitable to buy above this level for retesting this level in the long term. Therefore, buy deals are recommended above the level of 1.1270 with targets at 1.1360 and 1.1422 to reach the double top on the H1 chart. On the contrary, the resistance is going to set at the level of 1.1439 (the level of 1.1439 is representing the weekly resistance 1) this week. Consequently, the descending movement will probably be lower than the level of 1.1456 which represents the ratio of 61.8% of Fibonacci retracement levels at the same time frame, with the targets at the weekly pivot point around the area of 1.1268 and 1.1206.

Observations:

We expect a new range about 64-75 pips today.
The key level will be set at the level of 1.1268.
The support of the EUR/USD pair has been already set at 1.1268. Moreover, the major support will set at the 1.1206 level.
If the trend fails to close below the level of 1.1268, it will be a good opportunity to buy above 1.1270 with the first target at 1.13,60 then it will be continued straight towards 1.1422.
The price of 1.1439 is representing the weekly resistance 1 and 1.1422 is going to form a double top.

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