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Forex Analysis: EUR/USD Classic Technical Report 01.25.2013

Forex Analysis: EUR/USD Classic Technical Report 01.25.2013

Ilya Spivak, Head Strategist, APAC

Prices continue to drift sideways above support is at 1.3245, the 38.2% Fibonacci expansion. A break below that targets the 1.3129-49 area marked by the September 14 close and the 23.6% level. Support is further reinforced by a rising trend line set from the July 24 swing bottom (1.3105). Near-term resistance is at 1.3397, the 61.8% Fib, with a turn above that eyeing the 76.4% expansion at 1.3491.

Forex_Analysis_EURUSD_Classic_Technical_Report_01.25.2013_body_Picture_1.png, Forex Analysis: EUR/USD Classic Technical Report 01.25.2013

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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