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EUR/USD Technical Analysis 02.20.2013

EUR/USD Technical Analysis 02.20.2013

Ilya Spivak, Head Strategist, APAC

EUR/USD Technical Analysis– Prices turned lower as expected after putting in a Bearish Engulfing candlestick pattern. Sellers are now testing rising trend line support set from mid-November 2012 at 1.3338. A break below that targets the 61.8% Fibonacci retracement at 1.3269. Alternatively, a push above falling trend line resistance (now at 1.3401) aims for the 23.6% Fib expansion at 1.3473.

Forex_EURUSD_Technical_Analysis_02.20.2013_body_Picture_5.png, EUR/USD Technical Analysis 02.20.2013

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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