Forex Trading Tips - Week ahead of Feb 17, 2014

The EURUSD pair has broken out of the two-month bearish channel. Potentially bulls can take it thru the January high of 1.3740. Also, the MACD has turned higher, indicating growing bullish momentum. The Slow Stochastics has broken above the 60-65 zone that tends to provide resistance. For this week, a modestly bullish bias is appropriate, though a failure to break above the 1.3740 level would result in a pullback.

Key resistance on the upside are 
   a. 1.3740 – 100% Fibonacci retracement of late January  

    b. Above here it can possible go to 1.3825 – the recent highs of both October and Jan. The probability for this is low 

Key support are 
    a. 1.3520 – 68.2% Fibonacci retracement 
    b. 1.3422 – 78.6% Fibonacci retracement 

The above analysis was done by using the Forex Order Manager trading Software - Brought to you by 

- By our Forex Order Management team. You can use the 'Forex Order Manager' along with any manual or  automated forex trading systems to maximize your benefits.