Spot Euro Forecast for 4th February 2013

Spot Euro Forecast for 4th February 2013

EURUSD burst through major long term resistance at 1.3479/91 and the 200 week moving average at 1.3529 last week, extending the 5 month uptrend and we have now hit our upper target of 1.3690 as hoped. We topped out just above at 1.3711 and a break above here this week then targets 1.3833/37. We could see the market cap here at this stage.

Support today at 1.3555/1.3530 should hold the downside but a break finds very good support at 1.3465/55 and a buying opportunity.

Credit : FX Empire Analyst - Jason Sen