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EUR/USD Technical Analysis 04.23.2013

EUR/USD Technical Analysis 04.23.2013

Ilya Spivak, Head Strategist, APAC

EUR/USD Technical Analysis– Prices may be carving out a Head and Shoulders topping chart pattern. Confirmation of the setup requires a close below support in the 1.3012-26 area, marked by the H&S neckline and the 38.2% Fibonacci retracement. We continue to hold long for now pending the setup’s validation. Near-term resistance is at 1.3093, the 23.6% level.

Forex_EURUSD_Technical_Analysis_04.23.2013_body_Picture_5.png, EUR/USD Technical Analysis 04.23.2013

8hr Chart - Created Using FXCM Marketscope 2.0

Want to back-test your technical trading strategy? Download the historical data here.

--- 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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