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Forex: EUR/USD Technical Analysis – Euro Edges Toward June Top

By , Currency Strategist
20 August 2013 12:16 GMT

EUR/USD Technical AnalysisPrices rebounded from support at 1.3244, the 23.6% Fibonacci expansion, to retest the underside of a broken Rising Wedge chart formation (now at 1.3393). A break above that targets the June 19 high at 1.3416. Alternatively, a break below 1.3244 aims for the 38.2% Fib at 1.3147. On balance, the bounce appears corrective within the context of a broader move lower.

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dailyclassics_eur-usd_body_Picture_3.png, Forex: EUR/USD Technical Analysis – Euro Edges Toward June Top

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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20 August 2013 12:16 GMT