EUR/USD Forecast January 31, 2012, Technical Analysis

EUR/USD fell during the session on Monday as the markets were in “risk off” mode again. The pair did find support at the recent 1.31 resistance level however, and this is a bullish sign now that the daily candle looks a bit like a hammer. The 1.30 level should continue to be supportive, and as a result we aren’t willing to sell until that level is broken on a daily close. The buying of this pair can be done until about 1.35 as the move looks set to continue from the last couple of weeks.

EUR/USD Forecast January 31, 2012, Technical Analysis
EUR/USD Forecast January 31, 2012, Technical Analysis

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