EUR/USD daily forecast for Jan 31st 2013 By MBCFX.com
Chart of the Day:
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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Posted by MBCFX