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Forex Analysis: EUR/USD Classic Technical Report 01.15.2013
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.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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