Forex technical analysis 10 of January 2013

 The EUR/USD currency pair went back on track on the upside of the cross, this event occurred immediately after the opening of the EU zone. This morning the momentum went very close to the value of 1.3075.

 

All traders and analysts greeted the first debt auction in Spain for the year 2013 clearly this event triggered an wide variety of scenarios to the momentum of the current rally of the high 1.3106 point this value went very close to the long awaited 1.3100 point. 

All traders waited all morning for the release of the 1.3100 point in order to attract to the high limits next to the 1.3138 value. Most traders announce that a significant break of the 1.3160 resistance point will grant immediate support next to the 1.3035 point.

 

Meanwhile in theUnited Stateseconomy the recession was avoided mostly because of the new tax laws. The United States economy is now expected to continue to improve traders are now anticipating that a greater demand is just over the horizon.

 

 

High point= 1.3112

 

Low point = 1.3045

 

Trend index = +0.29% Slightly Bullish (Overbought)

 

Support 1 = 1.3020                                                  Resistance 1 = 1.3081

Support 2 = 1.2988                                                  Resistance 2 = 1.3114

Support 3 = 1.2955                                                  Resistance 3 = 1.3147