Spot EUR/USD Forecast for 01/31 by Daytradeideas.com

EURUSD burst through major long term resistance at 1.3479/91 and the 200 week moving average at 1.3529 which was completely unexpected. The close above this level now opens the door to 1.3609/14 then 1.3653 and possibly 1.3690 above is achievable this week.

We are of course very over bought but this is being ignored. Any drift lower finds support at 1.3516 but below here we may see 1.3471 with strong support at 1.3448/435 likely to provide a floor if we fall this far.

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Long term levels

1.3529     200 Week Moving Average

1.3491     Weekly 50% Fibonacci

1.3486     2012 High

1.3479     Last week’s high

1.3378     100 Week Moving Average

1.3381/86     April 2012 High

1.3284     May 2012 High

1.3265     Last week’s Low

1.3150     Weekly 50% Fibonacci

1.3140     October 2012 high