Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Forex4you Technical Analysis 16th Jan 2013

EUR/USD: meeting support

EUR/USD has fallen heavily to support and resistance in the1.3260s. It will probably fall further, with the nearby 1.3255 level as the next target down where the 38.2% Fibonacci line and the weekly pivot are clustered. This could be the Elliot wave 4 of the up-move and it will probably end soon with wave 5 retouching the 1.3400 highs, although the monthly pivot at 1.3356 provides an initial target higher.

Analysis by: Joaquin Monfort

Forex4you analyst

Disclaimer:

Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.