EUR/USD key level of 1.34 – for January 25 – 31, 2013 (daily strategy)
The euro managed to break sharply the level of 1.34, strong resistance from the January 14, prevented the rise of the euro and remained below this level. This upward movement was because the ECB announced that it will return part of the loans awarded last year, with amounts higher than expected, this data has given the euro bullish momentum this morning in the U.S. session trading at 1.3469, below the second weekly resistance of 1.3473. Technical indicators in this pair are very overbought. It is imminent for next week there will be a correction downward at least to the level of 1.34. This area was in the days before mass resistance has become a strong support for the pair. If the euro negotiates below this level, it is likely that there is bearish pressure to the 1.3248 support. So it is recommended to be attentive to these levels.
In the chart below we have outlined the likely entry levels for the pair for the next week.
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