Singapore Markets close in 1 hr 25 mins

EUR/USD Technical Analysis 02.20.2013

Ilya Spivak

EUR/USD Technical Analysis– Prices turned lower as expected after putting in a Bearish Engulfing candlestick pattern. Sellers are now testing rising trend line support set from mid-November 2012 at 1.3338. A break below that targets the 61.8% Fibonacci retracement at 1.3269. Alternatively, a push above falling trend line resistance (now at 1.3401) aims for the 23.6% Fib expansion at 1.3473.


Forex_EURUSD_Technical_Analysis_02.20.2013_body_Picture_5.png, EUR/USD Technical Analysis 02.20.2013

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


To be added to Ilya's e-mail distribution list, please CLICK HERE


New to FX? Watch this Video. For live market updates, visit the Real Time News Feed



DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.