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EUR/USD Buying Entry Sought

EUR/USD Buying Entry Sought

2013-02-01 15:12:00
Ilya Spivak, Head Strategist, APAC
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EUR/USD Technical Strategy: Pending Long

Prices broke above resistance at 1.3492, the 76.4% Fibonacci expansion, with buyers now challenging the 100% level at 1.3644. A push above that aims for the 123.6% expansion at 1.3796. The 1.3492 mark has been recast as near-term support. A reversal back below that eyes the 61.8% Fib at 1.3397. We continue to monitor the pair for an actionable long entry in line with our 2013 outlook.

Forex_Analysis_EURUSD_Buying_Entry_Sought_body_Picture_1.png, EUR/USD Buying Entry Sought

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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