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EUR/USD Forecast 28 Jan 13

EUR/USD Forecast 28 Jan 13
Sunday, January 27th, 2013 @ 2:59 pm by The Geek

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Good day forex traders and readers.

In the previous EUR/USD forecast we noted that the currency pair tested the support of 1.3280. If bullish pressure came, the resistance of 1.3400 would be a prime target. Recent fundamentals were indicating improving sentiments.
20130127-183110.jpg

 

Technical Analysis

Looking at the EUR/USD daily chart above we note that a strong bullish momentum had arrived. The bullish target was taken without much resistance and the currency pair had since tested another strong resistance of 1.3480. I expect that any continued bullish pressure needs to tackle the resistance of 1.3480 first before moving on to 1.3600. Should there be a bearish return, first bearish target will probably be the previous channel region of 1.3280 – 1.3380. How the EUR/USD moves on the first day of trading will probably be a key indication.

Don’t miss the fundamental analysis,
continue on to TheGeekKnows.com for the fundamental analysis of the EUR/USD Forecast Weekly Review to understand more about the underlying market sentiments.

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