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EUR/USD Long Triggered on Resistance Break

By , Currency Strategist
05 April 2013 03:47 GMT

EUR/USD Technical Strategy: Long at 1.2934, Targeting Above 1.3139

Prices took out falling trend line resistance set from early February after putting in a bullish Harami candlestick pattern, hinting a move higher is ahead. We will now enter long in line with our 2013 outlook, initially targeting the 23.6% Fibonacci expansion at 1.3139. A stop-loss will be triggered on a daily close below 1.2745.

Forex_Analysis_EURUSD_Long_Triggered_on_Resistance_Break_body_Picture_5.png, EUR/USD Long Triggered on Resistance Break

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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05 April 2013 03:47 GMT