EURUSD moves toward 38.2% retracement. Topside trendline also getting closer

Written January 27, 2012 at 1:47 PM EST by  

The EURUSD is approaching some upside targets for the pair.   The first is the underside of the trendline on the hourly chart above. That level comes in at the 1.3222 level currently. The next would be the 38.2% of the move down from the October 27th high. That level comes in at the 1.32429 level. Finally, the top channel trendline on the daily at the 1.3252 is also approaching.

With the days range for the EURUSD above the average range, I would expect that traders might look to take some profit against these levels before the weekend.

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