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EUR/USD Moves to Test June Top

EUR/USD Moves to Test June Top

2013-08-09 11:02:00
Ilya Spivak, Head Strategist, APAC
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EUR/USD Technical Strategy: Flat

Our EURUSD short position from 1.3270 was stopped out as prices took out resistance at a falling trend line set from February to expose the 38.2% Fibonacci expansion at 1.3412. A further push above that targets the 50% level at 1.3482. Alternatively, a move back below the trend line (now at 1.3304) eyes the August 2 low at 1.3187. Current positioning does not offer an attractive re-entry opportunity and we will stand aside for now.

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Forex_Strategy_EURUSD_Moves_to_Test_June_Top_body_Picture_5.png, EUR/USD Moves to Test 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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