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EUR/USD Long Setup Eyed at Support Cluster

EUR/USD Long Setup Eyed at Support Cluster

Ilya Spivak, Head Strategist, APAC

EUR/USD Technical Strategy: Pending Long

Prices turned lower as expected after putting in a Bearish Engulfing candlestick pattern, edging past rising trend line support set from the July 24 2012 low to challenge the 50% Fibonacci retracement at 1.3185. This barrier is closely followed by a falling channel bottom (1.3139), a horizontal pivot in play since mid-September (1.3129), and the 61.8% Fib at 1.3061. Near-term resistance is at 1.3308, the 38.2% retracement. We look at this pullback as an opportunity to establish a long position in line with our 2013 outlook and wait for an actionable bullish reversal signal to trigger entry.

Forex_Analysis_EURUSD_Long_Setup_Eyed_at_Support_Cluster_body_Picture_5.png, EUR/USD Long Setup Eyed at Support Cluster

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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