Spot EUR/USD Forecast for 02/20 by Daytradeideas.com

EURUSD held above 1.3310/00 & with daily charts becoming over sold we broke above1.3390/3400 to hit the next target of 1.3438 & topped out here. We have the momentum to continue higher today though & reach 1.3450/60 for selling opportunity with a top here expected.

We can exit longs here & try shorts with a stop above 1.3480 for the next target of 1.3510/20.

Good support today at 1.3388/78 if we drift lower so we can try longs here with a stop below 1.3350.

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