EUR/USD Technical Analysis 02.25.2013
EUR/USD Technical Analysis– Prices turned lower as expected after putting in a Bearish Engulfing candlestick pattern, edging past rising trend line support set from the July 24 2012 low to challenge the 50% Fibonacci retracement at 1.3185. This barrier is closely followed by a falling channel bottom (1.3119), a horizontal pivot in play since mid-September (1.3129), and the 61.8% Fib at 1.3061. Near-term resistance is at 1.3308, the 38.2% retracement.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.