13.02.2015 EUR/USD

EUR / USD moved in consolidation mode on Friday, staying between the support of 1.1360 (S1) and the 50-period moving average.

We expect the rate to continue high and challenge the main resistance barrier of 1.1540 (R1). Our short-term oscillators support the notion.

The RSI rose after finding support above the 50 line, while the MACD remains above both the zero and signal lines.

Regarding the broader trend, I believe that the pair still has a downward trend.

The EUR / USD is revealing lower lows and peaks below both the 50 and 200 day moving averages.

Therefore, we would consider any possible rising waves as corrective movements.
• Support: 1.1360 (S1), 1.1260 (S2), 1.1100 (S3).
• Resistance: 1.1540 (R1), 1.1650 (R2), 1.1730 (R3).