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EUR/USD Technical Analysis 05.23.2013

By , Currency Strategist
23 May 2013 12:28 GMT

EUR/USD Technical AnalysisPrices put in a Bullish Engulfing candlestick pattern, hinting at gains ahead. Initial resistance is at 1.2901, the 23.6% Fibonacci retracement, with a break above that exposing the 38.2% level at 1.2966. Near-term support is at 1.2827, the 38.2% Fib expansion. A drop beneath that aims for a rising trend line set from mid-November 2012 (1.2790) and the 50% expansion at 1.2774.

Forex_EURUSD_Technical_Analysis_05.23.2013_body_Picture_5.png, EUR/USD Technical Analysis 05.23.2013

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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23 May 2013 12:28 GMT