Forex4you Technical Analysis 31 January 2013

EUR/USD: consolidation in uptrend

The EUR/USD pair has formed another sideways consolidation. Given the overall trend is up it will probably break higher. The next target is at 1.3625, followed by 1.3750 where resistance from a grouping of pivots kicks in. The cluster of lines at 1.3530 underpin current price action and any move down will probably find support there too.

Analysis by: Joaquin Monfort
Forex4you analyst

Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.