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EUR/USD Technical Analysis: Support Found at 1.30 Figure

By , Currency Strategist
28 June 2013 11:32 GMT

EUR/USD Technical AnalysisPrices turned lower as expected, snapping the rising trend established from mid-May. The pair has now found support at the 1.30 figure, a psychological barrier reinforced by the 61.8% Fibonacci retracement, and is attempting to challenge near-term resistance at the 50% level (1.3080). A break above that aims for the 38.2% Fib at 1.3159. Alternatively, a push beneath support aims for the 76.4% retracement at 1.2902.

dailyclassics_eur-usd_body_Picture_2.png, EUR/USD Technical Analysis: Support Found at 1.30 Figure

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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28 June 2013 11:32 GMT