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EUR/USD Long Trade Held Amid Correction

By , Currency Strategist
26 April 2013 12:20 GMT

EUR/USD Technical Strategy: Long at 1.2934, Targeting Above 1.3201

Floating Profit / Loss: +68 pips

We entered long EURUSD at 1.2934. Prices are testing support at 1.2973, the intersection of the 23.6% Fibonacci expansion and a formerly broken falling trend line. The pullback appears corrective at this stage and we will continue to hold long for now. A break downward exposes the 38.2% Fib at 1.2832. Near-tem resistance is at 1.3201, the April 16 high. The stop-loss has been adjusted to the breakeven level.

Forex_Analysis_EURUSD_Long_Trade_Held_Amid_Correction_body_Picture_5.png, EUR/USD Long Trade Held Amid Correction

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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26 April 2013 12:20 GMT