Overview :
- The EUR/USD pair has closed at the price of 1.2101 at the last day of 2014. The trend is still below the major resistance lines and the market is calling for bearish market from its resistances around the area of 1.2155 and 1.2176. So, the strong resistance will set at the spot of 1.2155/1.2176 today. Also, the price of 1.2030 should be considered. It represents a strong support on January 2, 2015. Consequently, we expect a range about 82 pips at the same day. Therefore, the market will probably indicate a bearish opportunity at the level of 1.2155 and the weekly pivot point will act as minor resistance around the area of 1.2133. Thus, according to previous events, the price is going to move between the price of 1.2155 and the 1.2030 level. Нence, the area above 1.2033 (above the strong support) looks for further upside with the first target at the 1.2150 level and continue towards 1.2193 in order to form to test the weekly resistance. Generally, the descending movement will probably be lower than the 1.2155 level with the target at the 1.2030 level. So, the new double bottom sets at the level of 1.2030 and also coincides with the major support.
The material has been provided by InstaForex Company - www.instaforex.com
