EUR/USD daily forecast for Jan 31st 2013 by MBCFX.com
Chart of the Day:
EUR/USD
The EUR/USD has resumed its upward trend to breach up the 1.3500
level, and it tried to remain trading above this level, so this would confirm
our positive expectations for the Euro on the short term trading to rise
towards the main expected target of $1.3580, and this level is very important
to prepare for selling the Euro, as it represents the top of the EUR/USD pair.
We also notice on the daily chart that the Pivot indicator gives us strong sell signals at the 1.3428
level, so we recommend you to monitor this level, and if it breaches down this
level, this would support the downtrend towards the 1.3306-1.3184 area. So it
is expected that the Euro will decrease significantly on the next week.
The bearish trend is also supported by the trading of the
EUR/USD prices within an ascending channel on the daily chart.
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