Forex Analysis: EUR/USD Classic Technical Report 01.03.2013
Prices have turned lower as expected after putting in a bearish Gravestone Doji candlestick. Sellers are now probing below support at 1.3171 (the September 17 2012 high) and 1.3130 (a channel bottom) to challenge former resistance at 1.3071. A break below that exposes the 50% Fibonacci retracement at 1.2983. Near-term resistance is at 1.3283, the May 1 2012 high.
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.