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 – Daily Timeframe Chart – Fig 1
EURUSD – H4 Timeframe Chart – Fig 2
EURUSD Outlook, Technical Report, Euro Dollar Forecast, Forex Price Action