EUR/USD Technical Analysis: Weakness Hinted Below 1.34
EUR/USD Technical Analysis– Prices advanced as expected after putting in a Bullish Engulfing candlestick pattern. The pair cleared the 100% Fibonacci expansion at 1.3293, exposing the 123.6% level at 1.3411. A further push above that aims for the 138.2% Fib at 1.3484. Early signs of negative RSI divergence warn of ebbing upward momentum however and hint a turn lower may ahead. The 1.3293 mark has been recast as near-term support, with a move back beneath that eyeing the 76.4% expansion at 1.3176.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.