Technical analysis applied to the daily chart still shows a neutral trend. The forecast of price movements is between support and resistance levels.
On the 28/01/2016 Euro US Dollaro close was at 1.0935 (+0.30%). Marked a series of 3 consecutive higher highs. New bullish technical picture drawn on daily chart (high2 < high1, high1 < high, low2 < low1, low1 < low, close > close1, close1 > close2). Technical analysis applied to the daily chart still shows a neutral trend, so for today trading session the forecast of price movements is between support and resistance levels. The major oscillators also confirm the neutral trend. Marked a fourth consecutive positive trading session. We suggest to monitore today closing.
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Simple Moving Average (SMA)
The price is above the 14 days moving average (SMA value is 1.0875). The short term view is therefore bullish, however for today trading session we can’t exclude retracements towards the most significant support levels.
Support and Resistance levels
7, 15 and 30 trading days Performance. Support, Resistance and Pivot Point levels. Last updated closing price: 28/01/2016.
Performance: 7 trading days= +0.55% – 15 trading days= +0.10% – 30 trading days= +0.57%
Resistance levels: R1= 1.0979 – R2= 1.1022 – R3= 1.1120
Pivot Point: 1.0924
Support levels: S1= 1.0881 – S2= 1.0826 – S3= 1.0728
DAILY TRADING SIGNALS
Buying opportunity above 1.0960 targets minor resistance at 1.1000 and perhaps as far as strong resistance at 1.1026, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 1.1073.
Selling opportunity below 1.0907 targets minor support at 1.0869 and perhaps as far as strong support at 1.0842, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 1.0792.