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EUR/USD Technical Analysis: Rally Stalls Before 1.33 Level

EUR/USD Technical Analysis: Rally Stalls Before 1.33 Level

2013-06-10 08:52:00
Ilya Spivak, Head Strategist, APAC
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EUR/USD Technical AnalysisPrices advanced as expected after putting in a Bullish Engulfing candlestick pattern. The pair has broken above a falling trend line set from early February and the 76.4% Fibonacci expansion (1.3176), exposing the 100% level at 1.3293. A push above that aims for the 123.6% Fib at 1.3411. The 1.3176 level has been recast as near-term support, with a drop back beneath that eyeing the 61.8% expansion at 1.3103.

dailyclassics_eur-usd_body_Picture_2.png, EUR/USD Technical Analysis: Rally Stalls Before 1.33 Level

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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