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EUR/USD Technical Analysis 05.02.2013

EUR/USD Technical Analysis 05.02.2013

2013-05-02 08:54:00
Ilya Spivak, Head Strategist, APAC
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EUR/USD Technical Analysis– Prices put in a Shooting Star candlestick below resistance in the 1.3201-27 area, marked by the April 16 high and the 50% Fibonacci retracement, hinting a pullback may be ahead. Near-term support is at 1.3113, the 38.2% level, with a break beneath that eyeing the 23.6% retracement at 1.2972. Alternatively, a push through resistance targets the 61.8% Fib at 1.3341. We continue to hold long.

Forex_EURUSD_Technical_Analysis_05.02.2013_body_Picture_5.png, EUR/USD Technical Analysis 05.02.2013

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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