EUR/USD Technical Analysis– Prices broke below support at 1.2843, the 23.6% Fibonacci expansion, exposing the 38.2% level at 1.2716. A further drop below that aims for the 50% Fib at 1.2614. The 1.2843 level has been recast as near-term resistance, with a move back above that eyeing a rising channel top at 1.3007.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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