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Forex Analysis: EUR/USD Pullback Sought for Long

Forex Analysis: EUR/USD Pullback Sought for Long

Ilya Spivak, Head Strategist, APAC

Strategy: Flat

Prices have turned lower as expected after putting in a bearish Gravestone Doji candlestick. Sellers have now cleared support at the bottom of a rising channel set from mid-November (now at 1.3091) as well as the 38.2% Fibonacci retracement (1.3060), exposing the 50% level at 1.2983. A drop beneath that aims for the 61.8% Fib at 1.2907. The 1.3060 level has been recast as resistance. We will look for the pullback to yield a long entry in line with our 2013 outlook.

Forex_Analysis_EURUSD_Pullback_Sought_for_Long_body_Picture_1.png, Forex Analysis: EUR/USD Pullback Sought for Long

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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