EURUSD: Outlook Higher Medium Term Despite Price Hesitation

January 20, 2013 in Forex Analysis

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EURUSD: EUR may have closed slightly lower the past week but continues to hold on to its medium term uptrend. It looks to extend its strength through its resistance at the 1.3403 level. If this is seen, further upside is likely towards the 1.3500 level followed by the 1.3480 level. Its weekly RSI is bullish and pointing higher supporting this view. Conversely, on any pullback, the pair will aim at 1.3256 level where a violation will call for a run at the 1.3200 level. Further down, support comes in at the 1.3150 level and then the 1.3100 level. All in all, EUR continues to retain its broader medium term upside bias.

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