Tuesday, January 24, 2017 7:12:53 AM
Technical analysis of the currency pair EUR/USD on 24/01/2017. The daily chart
General analysis.
On the background of the general weakness of the US dollar currency pair EUR / USD continues to rise and now has reached the level of 1.0780. The growth started from the very first days of January and continues until today.
On Monday 23 January, the price approached the level of resistance at 1.0800. The last time the price was in near the mark is in the middle of December 2016, that time price had been bounced of the resistance 1.0800 which marked the beginning of a serious decline.
Given the general downtrend for the EUR / USD we can expect a repetition of such a scenario and a second rebound is quite likely to be happened.
The earlier opened long positions most desirable to close today at the market price.
Stochastic indicator shows an upward movement and the signals lines is located in overbought zone.
As a confirmation of such scenario will be the signal of the intersection of the signal lines and exit of the overbought zone from top down.
Next few days
We recommend opening the deal to sell with a given currency pair while receiving confirmation of the rebound from the level 1.0800.
As a confirmation, will be performing a few daily candles closed below this level.
A targets for the price decrease will be 1.0650 and 1.0600.
Note: This article is provided in the form of recommendations for trading and SuperForex Company is not responsible for the result of transactions made by you based on this analysis.
Please be aware that CFD and FX trading on margin carry high levels of risk. Traders should ensure they understand the risks associated with leveraged CFD and FX trading before deciding to trade.
General analysis.
On the background of the general weakness of the US dollar currency pair EUR / USD continues to rise and now has reached the level of 1.0780. The growth started from the very first days of January and continues until today.
On Monday 23 January, the price approached the level of resistance at 1.0800. The last time the price was in near the mark is in the middle of December 2016, that time price had been bounced of the resistance 1.0800 which marked the beginning of a serious decline.
Given the general downtrend for the EUR / USD we can expect a repetition of such a scenario and a second rebound is quite likely to be happened.
The earlier opened long positions most desirable to close today at the market price.
Stochastic indicator shows an upward movement and the signals lines is located in overbought zone.
As a confirmation of such scenario will be the signal of the intersection of the signal lines and exit of the overbought zone from top down.
Next few days
We recommend opening the deal to sell with a given currency pair while receiving confirmation of the rebound from the level 1.0800.
As a confirmation, will be performing a few daily candles closed below this level.
A targets for the price decrease will be 1.0650 and 1.0600.
Note: This article is provided in the form of recommendations for trading and SuperForex Company is not responsible for the result of transactions made by you based on this analysis.
Please be aware that CFD and FX trading on margin carry high levels of risk. Traders should ensure they understand the risks associated with leveraged CFD and FX trading before deciding to trade.
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
