EUR/USD Looks to Move Higher
Jan. 19, 2011 2:17 PM ET
Forexyard's Blog
70 Followers
Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.
Following today’s push above the 1.3500 level, the consolidation period for the EUR/USD has ended and the pair should move higher.
Today the EUR/USD moved above the December high of 1.3500 and currently has momentum behind the bullish move. Only two major resistance levels stand out on the way to the November 2010 high.
The first resistance level comes in at the November 22nd pivot at 1.3780, followed by 1.3970. The last target higher may be a 100% retracement of the November thru January move at 1.4280.
Support for the EUR/USD will come in at the December high of 1.3500, with further support at this week’s low of 1.3240.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.