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Forex: EUR/USD Technical Analysis – Channel Support Broken

By , Currency Strategist
08 November 2013 08:21 GMT

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Talking Points

  • Prices declined as expected after putting in Bearish Engulfing candlestick pattern
  • A break of channel support exposes 1.3420 (38.2% Fib); below that targets 1.3293 (50% Fib)
  • Moving back above the channel bottom (1.3472) eyes 1.3577 (23.6% Fib)

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dailyclassics_eur-usd_body_Picture_12.png, Forex: EUR/USD Technical Analysis – Channel Support Broken

Daily Chart - Created Using FXCM Marketscope 2.0

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

Contact and follow Ilya on Twitter: @IlyaSpivak

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08 November 2013 08:21 GMT