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Forex Analysis: EUR/USD Classic Technical Report 01.15.2013

Forex Analysis: EUR/USD Classic Technical Report 01.15.2013

Ilya Spivak, Head Strategist, APAC

Prices broke above 50% Fibonacci expansion resistance at 1.3320 to test the 61.8% level at 1.3397. A Star candle warns of a possible turn lower in the works but confirmation is lacking for now. The 1.3220 level has been recast as near-term support, with a drop below that aiming for the 38.2% expansion at 1.3244. Alternatively, a push through resistance targets the 76.4% Fib at 1.3492.

Forex_Analysis_EURUSD_Classic_Technical_Report_01.15.2013_body_Picture_1.png, Forex Analysis: EUR/USD Classic Technical Report 01.15.2013

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.