Trade FOREX with FXCM

  • Award-Winning Platform
  • 24/7 Customer Support
  • Trade Directly on Charts
  • Free $50K Practice Account

Resources

Forex Analysis: EUR/USD Classic Technical Report 01.24.2013

By , Currency Strategist
24 January 2013 16:04 GMT

Prices put in a bearish Evening Star candlestick pattern, hinting a move lower is ahead. Initial support is at 1.3245, the 38.2% Fibonacci expansion, with a break below that targeting the 1.3129-49 area. This barrier is reinforced by a rising trend line set from the July 24 2012 bottom (1.3097). Near-term resistance is at 1.3397, the 61.8% Fib. A turn above that aims for the 76.4% expansion at 1.3491.

Forex_Analysis_EURUSD_Classic_Technical_Report_01.24.2013_body_Picture_1.png, Forex Analysis: EUR/USD Classic Technical Report 01.24.2013

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

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

24 January 2013 16:04 GMT