FX.co ★ Technical analysis of EUR/USD for January 31, 2014

Overview:

• The EUR/USD pair has broken a major support at the level of 1.3643. But in case the daily pivot point is at the 1.3587 level, then the market will indicate a bearish opportunity below this price. Additionally, it is now approaching to it; therefore, it will probably start downside movement at this area and recover again. So the market will indicate a bearish opportunity at the price of 1.3590 (below 1.3590 look for further downside) and it will be a good sign to sell at this spot with a first target of 1.3555, and continue towards 1.3510. However, if a break in 1.3643 takes place, then it will be a good area for placing the stop loss.

Intraday technical levels:

• Projected high:1,3871
• Breakout (buy stop):1,3816
• Strong resistance (sell limit):1,3786
• Current pivot:1,3603
• Strong support (buy limit):1,3420
• Breakout (sell stop):1,3395
• Projected low:1,3345