EUR/USD Outlook for Jan 27
| January 27, 2010 | Posted by admin under Day Trading Ideas, Stock Market Analysis, Swing Trading Ideas |
The EUR/USD (get a longer term analysis via the link) declined to a former swing low on Tuesday, but has so far managed not to drop below the 1.4025 swing level. A drop below that level indicates another leg down in the downtrend for the EUR. Support is likely to develop between 1.4015-1.3985 (the wide region here is due to the limit and stop clearing which often occurs around major levels and also well defined stop and limit areas), at 1.3960 and 1.3920.
There is minor resistance at 1.4085. Further resistance is at 1.4100-1.4110, followed by 1.4130-1.4145, 1.4160 and 1.4180-1.4200.
The outlook for the EUR continues to indicate further declines overall. A break below 1.4020 would confirm. Keep in mind the FOMC Statement is out at 19:15 GMT and traders should adjust their trading accordingly.
~~Get 10 Professional Trading Lessons…. Free! :
http://www.ino.com/info/447/CD3784/&dp=0&l=0&campaignid=6 ~~
Cory Mitchell, CMT
~Know your risks when trading. Please read the Legal Disclaimer page.
Recent Comments