Forex Depth Analysis: EUR/USD

Daily Forex Technicals | Written by Finotec Group | Jan 13 09 08:55 GMT |

U.S. dollar fortunes look to end as euro bounces. The euro weakened for a third day versus the dollar, reaching a one-month low, as traders added to bets the European Central Bank will reduce interest rates, decreasing the appeal of the region's assets. The 16-nation currency also declined to the lowest level in more than a month against the yen after Standard & Poor's said it may cut Spain's credit rating. Trading Tactics Buy EUR/USD on signs of a reversal by breaking of 1.3310 The buying point is at 1.3310; Pivot point is the take profit at 1.3430; previous support is the stop loss at 1.3080 The selling point is at 1.3707; Fibonacci 23.6% is the take profit at 1.3552; Fibonacci 61.8% is the stop loss at 1.3959 Technical: Euro fails to make a lower low and bounce back upwards from 1.3221. A move back higher could set up a test of 1.3450. The following analysis is for information only; Finotec is not responsible for any decisions or misinterpretations based on the given text. Finotec Group Inc. http://www.finotec.com/ Disclaimer: FINOTEC Tradings Market Commentaries are provided for informational purposes only. The information contained within these reports is gathered from reputable news sources and not intended as investment advice. FINOTEC Trading assumes no responsibility or liability from gains or losses incurred by the information herein.