Forex Analysis: EUR/USD Classic Technical Report 01.24.2013
Prices put in a bearish Evening Star candlestick pattern, hinting a move lower is ahead. Initial support is at 1.3245, the 38.2% Fibonacci expansion, with a break below that targeting the 1.3129-49 area. This barrier is reinforced by a rising trend line set from the July 24 2012 bottom (1.3097). Near-term resistance is at 1.3397, the 61.8% Fib. A turn above that aims for the 76.4% expansion at 1.3491.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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