Spot EUR/USD Forecast for 01/25 January by Daytradeideas.com

EURUSD has been stuck in a range from 1.3270/50 up to 1.3395/1.3404 for the past 2 week now. W can trade this range while we wait for a break in either direction.

Resistance is at 1.3395/1.3405 therefore which is proving tough obstacle. A good chance therefore of a high for the day again if tested with the daily stochastic now signalling we have seen a top for this market. However if we do break above 1.3415, the next target of 1.3491 could be achieved.

Yesterday we held just above support at 1.3260/30. It should be worth exiting shorts here and trying longs here once again. We do need a stop loss below 1.3220 however and can try selling in to shorts for a test of the next support at 1.3150/25 which should offer an excellent buying opportunity for today.

[[nid:1038528]]

[[nid:1038530]]

Long term levels

1.3491     Weekly 50% Fibonacci

1.3404     Last week’s high

1.3382     100 Week Moving Average

1.3381/86   April 2012 High

1.3284     May 2012 High

1.3257     Last week’s Low

1.3150     Weekly 50% Fibonacci

1.3140     October 2012 high

1.3028     November High

The article was first published by DayTradeIdeas.com