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Forex Analysis: EUR/USD Long Trade Setup Sought

By , Currency Strategist
25 January 2013 13:56 GMT

Strategy: Pending Long

Prices are testing above resistance at 1.3397, the 61.8%Fibonacci expansion. A confirmed break on a daily closing basis targets the 76.4% expansion at 1.3491. Near-term support is at .3245, the 38.2% Fib. A reversal back below that targets the 1.3129-49 area marked by the September 14 close and the 23.6% level. We continue to monitor the pair for an actionable long entry in line with our 2013 outlook.

Forex_Analysis_EURUSD_Long_Trade_Setup_Sought_body_Picture_1.png, Forex Analysis: EUR/USD Long Trade Setup Sought

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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25 January 2013 13:56 GMT