EUR/USD Technical Analysis– Prices are testing below support at 1.2996, the January 4 low. A bounce from here sees initial resistance at 1.3141, the 23.6% Fibonacci retracement. A break above that targets the 38.2% level at 1.3250. Alternatively, a reversal below support aims for the December 7 low at 1.2875.

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
To be added to Ilya's e-mail distribution list, please CLICK HERE
New to FX? Watch this Video. For live market updates, visit the Real Time News Feed