Main analysis

Update for: 2013-01-14 - 2013-01-20

Posted on: Sunday, 13 January 2013 12:26

eurusd st 20130113

EURUSD: 1.3341

Short-Term Trend: uptrend


Well, I was bullish for the daily chart on EUR/USD but expected a pullback twd 1.2870 prior to another rise. But last week EUR found strong support right above the 1.2995 Fibonacci support and rallied strongly at the end of the week. Thus, we have strong evidence that the larger-degree uptrend on daily chart has resumed. If that's the case, a rally twd 1.3520 and then to 1.3720 is expected.
On the downside, a move back below 1.3130 will negate this bullish oultook but only below 1.3000 will turn the daily chart bearish.

Strategy: Longs favored at 1.3320 against 1.3120. Target=1.3720.

Next Update: Sun, 01/20/2013.

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