FX.co ★ EUR/USD,Our Overall Outlook Remains Bullish, Janaury 12, 2011 (Daily Strategy)

EUR/USD

Since the pair still hasn't succeeded in breaching the minor resistance at 1.3040, there exists a chance for a brief wave of downwards movements towards the 1.2900 level. In such a case, there will be an opportunity to collect the Euro – United States dollar pair at an improved price before the upwards trend enters high gear. Further, a breach of the resistance levels at 1.3040 and then at 1.3100 will strengthen and confirm the pair's direction, expected to take it at the very least to the resistance level of 1.3370 United States dollars for one Euro.