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Technical analysis and trading recommendation on EUR/USD for February 13, 2015

The Euro gained ground at yesterday's session against the US dollar. The US retail sales fell very sharply to 0.8% in January after a 0.9% drop in December. The Euro takes this as an advantage to move higher. Greece agreed to talk with its creditors. The new round of the Greek bailout talks also helped the Euro move higher. Today, traders are keeping an eye on French and German prelim GDP q/q and French prelim Non-farm payrolls.

At yesterday's session, the prices were restricted by the descending trend line on the h4 chart. Resistance exists at 1.1430, above it at 1.1500 and 1.1535. The weekly resistance is placed between 1.1450 and 1.1546. At yesterday's session, the pair managed to close above 20Dsma after 2 months. The prices are taking multiple support between 1.1280 and 1.1260. At yesterday's session, we recommended buying above 1.1360 with the targets at 1.11390 and 1.1420. The pair made a high at 1.1423. We can expect strong momentum only above 1.1535. As of now, the monthly resistance is set at 1.2000 and 50Dsma; support exists at 1.0762. For an intraday session, we recommend buying above 1.1430 with the targets at 1.1500. Support exists at 1.1330. We recommend selling below 1.1330 with the targets at 1.1280 and 1.1260. Panic will be triggered only below 1.1260.

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Uitgevoerd door, Analytische expert
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