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Forex Analysis: EUR/USD Long Entry Setup Sought

Forex Analysis: EUR/USD Long Entry Setup Sought

Ilya Spivak, Head Strategist, APAC

Strategy: Pending Long

Prices broke above 38.2% Fibonacci expansion resistance at 1.3244, exposing the 50% level at 1.3321. A further break above that targets the 61.8% Fib at 1.3399. The 1.3244 level has been recast as near-term support. A reversal back below that aims for the 1.3128-49 area, marked by the 23.6% expansion and the September 14 close. We continue to monitor the pair for an actionable long entry in line with our 2013 outlook.

Forex_Analysis_EURUSD_Long_Entry_Setup_Sought_body_Picture_1.png, Forex Analysis: EUR/USD Long Entry Setup Sought

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.