EURUSD Technical Analysis – FX Price Action Update – 8th February 2013
- The EURUSD pair has seen a sustained move lower after struggling to break above the 1.3580 area price pivot – an area we highlighted as potential resistance in the last update.
- Euro/dollar today moved 256% of the average daily range over 60 days and has covered an associated 205 pips on increased volatility.
- Price is currently located around prior resistance at 1.3390, this area now has the potential to act as support.
- Any upside has the 1.3412 area as an initial trouble area, further to this the Fibonacci retrace confluence around 1.3446 is just below the 1.3457 low from Tuesday. The 1.3500 round number area is another key level to the upside with the 38.2% Fibonacci retrace of the swing lower aligned.
- There is an AB=CD corrective low around 1.3342. This comes from the FE 100 of 1.3710 – 1.3457 – 1.3596.
- Any signifiant downside would have us monitoring price action around the 1.3285 area, a clear price pivot over recent trading as seen on the daily chart below.
EURUSD Forecast, Euro/Dollar Analysis, Outlook 8th February. Forex Price Action