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EUR/USD Technical Analysis 03.15.2013

EUR/USD Technical Analysis 03.15.2013

Ilya Spivak, Head Strategist, APAC

EUR/USD Technical Analysis– Prices are testing above trend line resistance at 1.3020 after putting in a bullish Piercing Line candlestick pattern. Positive RSI divergence reinforces the case for an upside scenario. A confirmed break upward on a daily closing basis initially exposes the 14.6% Fibonacci expansion at 1.3154.Near-term support is at 1.2910, the March 14 low.

Forex_EURUSD_Technical_Analysis_03.15.2013_body_Picture_5.png, EUR/USD Technical Analysis 03.15.2013

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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