Spot EUR/USD Forecast for 02/07 by Daytradeideas.com

EURUSD held Tuesday’s high of 1.3598 as we look for a test of good support at 1.3465/55 today & this could hold the downside. However longs need a stop below 1.3425 for 1.3375 and again this should be seen as a good buying opportunity with strong support.

Resistance at 1.3540/60 could cap today with the daily picture calling for further profit taking but a break higher hits 1.3596/98 with further tough resistance at 1.3615. It should be worth attempting shorts here with a stop above 1.3660 as a break higher could lead us back to 1.3700/711 highs.

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

The article was first published by DayTradeIdeas.com