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Forex Analysis: EUR/USD Classic Technical Report 01.07.2013

By , Currency Strategist
07 January 2013 12:18 GMT

Prices put in a Hammer above rising trend line support set from late July, hinting a rebound may be ahead. Initial resistance is at 1.3150, marked by the 23.6% Fibonacci expansion. A break above that aims for the 38.2% level at 1.3244. Alternatively, a drop through the trend line (now at 1.2994) aims for the December 7 low at 1.2875.

Forex_Analysis_EURUSD_Classic_Technical_Report_01.07.2013_body_Picture_1.png, Forex Analysis: EUR/USD Classic Technical Report 01.07.2013

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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07 January 2013 12:18 GMT