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.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE