FX.co ★ Technical analysis of EUR/USD for January 14, 2015

Trading recommendations:

• The support of the EUR/USD pair has set at the price of 1.1856 and this price coincides with the weekly pivot point.
• The first key level will set at the level of 1.1856 and the second key level will set at 1.1805 today.
• Moreover, it should be noted that the area between 1.1805 and 1.1737 represents strong support on H1 chart.
• Equally important, the price of the EUR/USD pair is still moving between 1.1788 and 1.1742.
• Additionally, it should be noticed that the range was about 222 pips last week, but we expect a large range around 300 pips this week.
• Furthermore, the trend was very clear and indicating a downward bias. Accordingly, we expect that the trend is going to call for the bearish market at the level of 1.1856 or 1.1805.
• As a result, sell at the price of 1.1856 or 1.1805 with the first target of 1.1760, it might resume to 1.1753 in order to test the double bottom.
• The level of 1.1666 will act as strong support in coming days.
  
• On the other hand, your stop loss should be placed above the 1.1856 level, hence it will helpful to set it at the price of 1.1886 this week.