HumbleTraders

EURUSD Chart Analysis 02 Feb 2016

FX:EURUSD   Euro / U.S. Dollar
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EURUSD finally broke up from the ranging channel and touched 1.1240 before it found some resistance. We haven't seen 1.12 in this market since October 2015. The probability of FED raising interest rates in 2016 are diminishing sharply. Looking at C.O.T data, Non-Commercial traders are piling on long positions in Eur futures . This could mean large market reversal and perhaps more significant upside in EURUSD . From the other hand, Weekly Earnings came out better than expected

THE NEXT MAJOR RESISTANCE IS @ 1.14 and then 1.1670.
Bulls @ 1.1050, 1.0950
Bears @ 1.0800
EURUSD: 15-30 min view

Shorter time frame shows signs of pullback being on the way. Its hard to say how deep the pullback will be. Ideally EURUSD should reverse back to the former resistance ' 1.0950 before the up trend continues.

It might range for a while between 1.11 and 1.10. There is another significant support at 1.1050 area.

Bulls should look to enter long positions at @ 1.0950. If the pair continues lower, bears should wait for a break below the former support at 1.08 area. After breaking this significant level, enter short positions on pull back to the resistance at the same level. Targets should be at the former low at 1.05 area.
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