EURUSD – Intraday Forecast 31 Jan 2014

EURO-Dollar-min

Recommendations: SHORT positions below 1.3559 with 1.3510 & 1.3480 as next targets.
Alternative scenario: The upside breakout of 1.3559 will bring rebound to 1.3587/1.3625.
Description: 
Intraday bias in EURUSD is neutral with downside risk towards 1.3510 ahead of 1.3480 levels as long as resistance 1.3559 holds on hourly basis, stability below 1.3559 will build pressure on the 1.3531 levels, a cut will extend losses to 1.3507, further out will aim the 1.3475 levels ahead of 1.3455 levels.On the upside, break of 1.3359 on the hourly basis will signal short term bottoming and bring consolidations for retesting 1.3587 ahead of 1.3625 levels, but note that upside gains above 1.3559 levels should be limited by 1.3587/1.3625 levels, above 1.3625 would open 1.3645/1.3685 levels.

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