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EUR/USD Long Position Remains in Play

By , Currency Strategist
03 May 2013 11:58 GMT

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

Floating Profit / Loss: +198 pips

We entered long EURUSD at 1.2934. Prices are pulling up from support at a rising trend line set from the March 27 low to test the 38.2% Fibonacci expansion at 1.3127. A break above that initially aims for the 50% level at 1.3181. Trend line support is now at 1.3027. We will continue to hold long for now, with the stop-loss set to the breakeven level.

Forex_Analysis_EURUSD_Long_Position_Remains_in_Play_body_Picture_5.png, EUR/USD Long Position Remains in Play

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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03 May 2013 11:58 GMT