Spot EUR/USD Forecast for 02/18 by Daytradeideas.com

EURUSD fell to test very good support at 1.3320/10 where we predicted a low for the week. This worked perfectly with a low at 1.3306 & a bounce back to resistance at 1.3377 which is exactly where we topped out. 1.3320/10 could be tested again today. The support has been weakened but there is still a chance of another bounce. However stops on any longs are needed below 1.3285 & sell back in to shorts for a test of trend line support at 1.3220.

Resistance at 1.3355/60 but above here we can test 1.3390/3400 which will be much harder to beat. A high for the day here is very possible but if we break 1.3415 look for 1.3438 then 1.3460 for selling opportunity with a top here expected.

Long term levels

1.3711     2013 High

1.3520     Last week’s high

1.3532     200 Week Moving Average

1.3486     2012 High

1.3381/86   April 2012 High

1.3367     100 Week Moving Average

1.3306     Last week’s Low

1.3284     May 2012 High

1.3140     October 2012 high

1.3028     November High

The article was first published by DayTradeIdeas.com