Spot EUR/USD Forecast for 11th January by Daytradeideas.com
By Jason Sen | January 12, 2013 12:25 AM EST
EURUSD held just above 1.3022/17 and rocketed through 1.3200/07 as we close in on last month’s high at 1.3300/08. Exit longs as we approach this tough resistance and try shorts with a stop above 1.3340 as a break then targets 1.3385.
Failure to beat 1.3300/08 could bring us back to 1.3207 and a move below 1.3200 then signals further profit taking with 1.3156/45 the objective. Take profit on any shorts here and try longs with a stop below 1.3100.
Long term levels
1.3491 Weekly 50% Fibonacci
1.3387 100 Week Moving Average
1.3381/86 April High
1.3300 Last week’s high
1.3284 May High
1.3150 Weekly 50% Fibonacci
1.3140 October high
1.3028 November High
The article was first published by DayTradeIdeas.com