Forex Analysis: EUR/USD Classic Technical Report 01.16.2013

Prices turned lower as expected, completing a bearish Evening Star candlestick pattern. Initial support is at 1.3243, with a break below that targeting the 1.3119-29 area. Near-term resistance is at 1.3403, the January 14 high.

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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