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EUR/USD Technical Analysis 03.13.2013

EUR/USD Technical Analysis 03.13.2013

Ilya Spivak, Head Strategist, APAC

EUR/USD Technical Analysis– Prices have completed a Bullish Engulfing candlestick pattern, hinting a move higher is ahead. Positive RSI divergence reinforces the case for an upside scenario. Initial trend line resistance is at 1.3040, followed by the 23.6% Fibonacci retracement at 1.3139. A break above the latter level exposes the 38.2% level at 1.3248. Near-term support is at 1.2963, the March 6 low.

Forex_EURUSD_Technical_Analysis_03.13.2013_body_Picture_5.png, EUR/USD Technical Analysis 03.13.2013

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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