Forex technical analysis 11 of January

The European morning session did not bring any good news to the trading feeling of the market the EUR/USD currency pair is now very close to a new high point of 1.3284 nonetheless it continues to stay on the upside. 

After the loudly announced bond auction in Spain, the C.P.I. release in Portugal made the inflation report stay in a tight spot very close to the value of +1.9% as most traders expected. 

All traders believe that a consolidation of the 1.3300 point would clearly open the way to the 1.3200 spot to and lastly targeting the 1.3380 point and finally the 1.3400 spot.

 

Today the euro continues to be weak as traders begin to take positions prior to the report.

 

The EUR/USD is expected to trade close to the bottom of the 1.3258 – 1.3255 level and hold in that range until the report is release.

 

 

 

 

High point= 1.3285

 

Low point = 1.3249

 

Trend index = -0.07% Slightly Bullish (Strongly Bullish)

Support 1 = 1.3089                                                  Resistance 1 = 1.3390

Support 2 = 1.3122                                                  Resistance 2 = 1.3424

Support 3 = 1.3155                                                  Resistance 3 = 1.3457