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EUR/USD Technical Analysis 06.05.2013

EUR/USD Technical Analysis 06.05.2013

Ilya Spivak, Head Strategist, APAC

EUR/USD Technical AnalysisPrices advanced as expected after putting in a Bullish Engulfing candlestick pattern. Prices have now broken above a falling trend line set from early February, exposing a horizontal barrier at 1.3179. The trend line – now at 1.3056 – has been recast as support. A move back below that eyes the April 24 low at 1.2953.

Forex_EURUSD_Technical_Analysis_06.05.2013_body_Picture_5.png, EUR/USD Technical Analysis 06.05.2013

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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