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EUR/USD Technical Analysis: Weakness Hinted Below 1.34

By , Currency Strategist
19 June 2013 07:03 GMT

EUR/USD Technical AnalysisPrices advanced as expected after putting in a Bullish Engulfing candlestick pattern. The pair cleared the 100% Fibonacci expansion at 1.3293, exposing the 123.6% level at 1.3411. A further push above that aims for the 138.2% Fib at 1.3484. Early signs of negative RSI divergence warn of ebbing upward momentum however and hint a turn lower may ahead. The 1.3293 mark has been recast as near-term support, with a move back beneath that eyeing the 76.4% expansion at 1.3176.

dailyclassics_eur-usd_body_Picture_2.png, EUR/USD Technical Analysis: Weakness Hinted Below 1.34

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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19 June 2013 07:03 GMT