The EUR/USD pair shot through the 1.33 level during the Friday session, in order to breakout and above a massive resistance. Having said that, we expect quite a bit of noise all the way to the 1.35 level, but do anticipate that the market will certainly find that level sooner or later. Because of this, we are willing to buy pullbacks as they come with signs of support, especially near the 1.33 handle.
If we managed to break above the 1.35 level, this would be the breaking of a massive inverted head and shoulders that measures for a move to the 1.50 level. This could be a multi-month or even year move in this pair, just like the trend that we had seen four or five years ago.
EUR/USD Forecast January 14, 2013, Technical Analysis
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