Overview:
The double top of the EUR/USD pair will be set at the level of 1.1576 and the double bottom is going to be set at 1.1114 level. The strong resistance has been already placed at the same price of the double top around the area of 1.1576 which represents the 61.8% of Fibonacci retracement levels in H1 chart. The major support is going to be set at 1.1202 on January 28, 2015. So, according to the previous events, the price of the EUR/USD pair is going to move between 1.1202 and 1.1576. We expect a range of 274 pips this week. The level of 1.3332 is representing the weekly pivot point. Therefore, it will be very useful to sell below the prices of 1.1576/1.3332 in the short-term with the first target at 1.1200; but if the trend is able to break the major support at 1.1200, it might resume to 1.1114 in order to test the double bottom again.
Intraday technical levels:
Date:28/01/2015
Pair:EUR/USD
R3: 1.1659 R2: 1.1540 R1: 1.1460 PP: 1.1341 S1: 1.1261 S2: 1.1142 S3: 1.1062