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Forex Analysis: EUR/USD Classic Technical Report 01.04.2013

By , Currency Strategist
04 January 2013 11:54 GMT

Prices have turned lower as expected after putting in a bearish Gravestone Doji candlestick. Sellers have now cleared support at the bottom of a rising channel set from mid-November (now at 1.3091) as well as the 38.2% Fibonacci retracement (1.3060), exposing the 50% level at 1.2983. A drop beneath that aims for the 61.8% Fib at 1.2907. The 1.3060 level has been recast as resistance.

Forex_Analysis_EURUSD_Classic_Technical_Report_01.04.2013_body_Picture_1.png, Forex Analysis: EUR/USD Classic Technical Report 01.04.2013

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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04 January 2013 11:54 GMT