EURUSD time to take profits

IBEX put to the test
January 30, 2013
S&P starts correction towards 1470
January 31, 2013

The EURUSD pair has worked our way and according to our analysis for some time now. In our last post, we noted how important the 1,3370 resistance was and what would happen if it was broken. Now more than 120 pips higher we could take some profits as prices could pull back after the rally. We ‘ve been long in EURUSD from at least the 1,31 level, targeting 1,35-36 and why not higher if conditions are favorable. None of our important support levels was broken and our targets were met when resistances were broken.



Support now lies at the red upward sloping channel and currently at the 1,3430-50 area. Resistance and target for this up move to be exhausted is the 1,3560-70 area. For short-term traders, 1.3480 could be the stop-loss level. Bottom line is that we can capitalise our profits and stand on the sides and wait for a possible pull back towards 1,34 support or keep riding the trend towards 1,36 raising our stops at the same time. Thank you for following us and I hope my analysis will continue providing you such profitable trades.

As always, thank you for taking the time to catch up on my thinking.

Alexandros Yfantis
Alexandros Yfantis
Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.