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EUR/USD Technical Analysis 02.26.2013

Ilya Spivak

EUR/USD Technical Analysis– Prices turned lower as expected after putting in a Bearish Engulfing candlestick pattern. Sellers are now testing the 61.8% Fibonacci retracement at 1.3061, a barrier reinforced by falling channel bottom. A break downward targets the 76.4% level at 1.2907. Near-term resistance is at 1.3185, the 50% Fib, and is followed by the channel top at 1.3827.

Forex_EURUSD_Technical_Analysis_02.26.2013_body_Picture_5.png, EUR/USD Technical Analysis 02.26.2013
Forex_EURUSD_Technical_Analysis_02.26.2013_body_Picture_5.png, EUR/USD Technical Analysis 02.26.2013

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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