EURUSD 1-19-07

1-19-07

EURUSD

The pullback to 1.2948 long trade in the EURUSD yesterday was a 10 pip loser. The EURUSD sold down to 1.2900 and then rallied to a high of 1.3000. It is basing between 1.2973 and 1.3000 this morning for a possible breakout move higher. However, the US Dollar Index is near the $84.65 area of demand that it bounced at on 1-16-07. I am out of sync with the EURUSD this week, so I will pass on trading it today. If I did trade it, I would buy a pullback to 1.2966. My first target would be 1.3000 and the second target is 1.3074 to exit the position.