EURUSD Technical Analysis – FX Price Action Update – For 15th January
- The euro continued with the recent upside trajectory on Monday, moving to a fresh 11-month high against the greenback and hitting recent highs versus sterling and the Swiss Franc, on continued signs of increasing risk appetite.
- The aforementioned EUR/CHF pair has seen a 136 pip range today, which is 680% of the 60 day ADR for this sleeping giant, as the EUR outperformed this currency major counterpart and others.
- EUR/USD hit a high of 1.3402 during the Asian trading session and subsequently moved as low as 1.3334 – closing a small gap from Sunday – before seeing a resumption of the predominant trend with a current daily 0.34% gain and associated 1.3386 euro/dollar rate.
- Any corrective move lower would need to contend with the 1.3300 area prior resistance highs, these are now located just below a 23.6% Fibonacci retrace of the last leg up from 1.2996 – 1.3402.
- Any extended EUR/USD downside, over the coming trading sessions, has us monitoring the 1.3150 area price pivot zone. This is a significant technical area which is now aligned with the 61.8% retrace of 1.2996 – 1.3402.
- The 1.3500 area and longer term 50% corrective retrace remains as an area of interest on any sustained upside. This is located just above the 1.3485 29/2/12 swing high.
- In related markets we note that GBP/USD moved as low as 1.6029 before hitting previous resistance and a long term ascending trend line. EUR/GBP is subsequently around 0.5% higher on the day at 83.19, after hitting 83.28, the highest since April 2012.
EURUSD Technical Update For 15/1/13 – D1 Chart
Euro/Dollar 15/1/13 Outlook, EURUSD Technical Report, Forex Price Action.