FX.co ★ Technical analysis of EUR/USD for February 13, 2014

Intraday technical levels:

• R3: 1.3734
• R2: 1.3693
• R1: 1.3643
• PP: 1.3602
• S1: 1.3552
• S2: 1.3511
• S3: 1.3461

Trading recommendations:

• The market opened below the daily resistance today. Also, it should be noted that the resistance is set at the level of 1.3734 as strong level on February 13-14, 2014. Additionally, the EUR/USD pair hit the past weekly resistance and also reached the weekly pivot point yesterday. Hence, the trend was downward and the range seemed extensive up to 91 pips. According to the previous events, the price of EUR/USD pair has still been trapped between the level of 1.3644 and the 1.3580 level. Therefore, it will be advantageous to sell at the price of 1.3693 (daily resistance 2) with the first target at 1.3650. It may resume to 1.3603 if the price is able to break 1.3650. Notwithstanding, stop loss should always be in account, accordingly, it will be of beneficial to set the stop loss above the daily resistance 3 at the price of 1.3760.