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EURUSD Technical Analysis–FX Price Action–22/1/13

EURUSD Technical Analysis–FX Price Action–22/1/13

EURUSD Technical Analysis–FX Price Action Update–22/1/13

  • The EURUSD currency pair has broken above yesterdays 1.3299 – 1.3331 tight trading range and is once again close to the 1.3400 handle range highs.
  • Price was capped around the 1.3333 area pivot zone yesterday and any move lower could potentially see an element of support around this technical point of interest (see the fig 2 H4 chart below).
  • Any further downside has the 1.3280 area as a focus, this has seen recent support and marks the median point of the support resistance flip from late December through January.
  • To the upside, the 1.3397 – 1.3403 zone marks the recent range resistance highs and a double top resistance area.  Any sustained breakout above this level has the 1.3500 handle and nearby 50% corrective retrace level as a technical area of interest.
  • When referencing related currency pairs we note that GBPUSD has found an element of initial support at the key 1.5830 previous demand area (aligned with a 50% retrace).  EURJPY is trading near a 3-day low as the JPY has corrected on a “buy the rumour and sell the news” play following the latest BOJ data; USDJPY is likewise trading lower around the 89.00 handle after hitting a fresh 2-1/2-year high of 90.25 on Monday. 
  • U.S. markets reopen today after being closed on Monday for the public holiday.eurusd EURUSD Technical Analysis–FX Price Action–22/1/13

EURUSD – Daily Timeframe Chart – Fig 1

eurusd analysis 22 january thumb EURUSD Technical Analysis–FX Price Action–22/1/13

EURUSD – H4 Timeframe Chart – Fig 2

eurusd analysis 22 january 2 thumb EURUSD Technical Analysis–FX Price Action–22/1/13

EURUSD Outlook, Technical Report, Euro Dollar Forecast, Forex Price Action

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