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EUR/USD Technical Analysis 03.06.2013

EUR/USD Technical Analysis 03.06.2013

Ilya Spivak, Head Strategist, APAC

EUR/USD Technical Analysis– Prices put in a bullish Morning Star candlestick pattern above support at 1.2996, the January 4 low, hinting a move higher is ahead. Positive RSI divergence reinforces the case for an upside scenario. Initial resistance at 1.3141, the 23.6% Fibonacci retracement, and is reinforced by a falling trend line set from the February 1 swing high. A break upward targets the 38.2% level at 1.3250. Alternatively, a turn below support exposes the December 7 low at 1.2875.

Forex_EURUSD_Technical_Analysis_03.06.2013_body_Picture_5.png, EUR/USD Technical Analysis 03.06.2013

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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