EUR/USD Technical Analysis– Prices broke below support at 1.2843, the 23.6% Fibonacci expansion, exposing the 38.2% level at 1.2716. A further drop below that aims for the 50% Fib at 1.2614. The 1.2843 level has been recast as near-term resistance, with a move back above that eyeing a rising channel top at 1.3007.
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