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Forex Analysis: EUR/USD Classic Technical Report 01.16.2013

Forex Analysis: EUR/USD Classic Technical Report 01.16.2013

Ilya Spivak, Head Strategist, APAC

Prices turned lower as expected, completing a bearish Evening Star candlestick pattern. Initial support is at 1.3243, with a break below that targeting the 1.3119-29 area. Near-term resistance is at 1.3403, the January 14 high.

Forex_Analysis_EURUSD_Classic_Technical_Report_01.16.2013_body_Picture_1.png, Forex Analysis: EUR/USD Classic Technical Report 01.16.2013

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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