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Forex: EUR/USD wallowing below 1.3300 ahead of the weekend

By FXstreet.com,  January 10, 2013, 10:59:00 PM EDT

FXstreet.com (San Francisco) - EUR/USD is consolidating the overnight surge, boosted by ECB and Japanese PM risk factors. At these levels, "Immediate support comes at the 78.6% retracement of its latest slide around 1.3230, and 1.3300 of course, is the key resistance to overcome to confirm more gains not only in the short term," says Valeria Bednarik, Chief Analyst at FXstreet.com.

Bednarik also notes that: "4 hours chart shows a strong upward momentum, although some profit taking ahead of the weekend may see limited advances in the pair this Friday."

It has been a hiatus of no rises for the pair this afternoon in Asia, last at 1.3255 from 1.3270 at the NA close. Should bulls manage to extend gains in the hours ahead, a push above 1.33 would target 1.3320 (9 Feb 2012 high), then 1.3380 (April 2 high), and 1.3340 and 1.3370 according to the analyst. Bearish targets are noted at 1.3230, 1.3190 and 1.3150.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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