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EUR/USD Technical Analysis 02.19.2013

EUR/USD Technical Analysis– Prices turned lower as expected after putting in a Bearish Engulfing candlestick pattern. Sellers are now testing the 50% Fibonacci retracement at 1.3353, a barrier reinforced by rising trend line supports set from late July and mid-November 2012. A break downward targets the 61.8% level at 1.3269. Initial resistance is at 1.3473, the 23.6% Fib expansion, with a reversal above that aiming for the 38.2% level at 1.3578.

Forex_EURUSD_Technical_Analysis_02.19.2013_body_Picture_5.png, EUR/USD Technical Analysis 02.19.2013
Forex_EURUSD_Technical_Analysis_02.19.2013_body_Picture_5.png, EUR/USD Technical Analysis 02.19.2013

Daily Chart - Created Using FXCM Marketscope 2.0

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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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