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EUR/USD Technical Analysis: Bears Aiming Below 1.30

EUR/USD Technical Analysis: Bears Aiming Below 1.30

2013-06-27 03:52:00
Ilya Spivak, Head Strategist, APAC
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EUR/USD Technical AnalysisPrices turned lower as expected, snapping the rising trend established from mid-May. A break past support at 1.3032, the 61.8% Fibonacci retracement, has exposed the 76.4% level at 1.2942. The 1.3032 mark has been recast as near-term resistance. A move back above that aims for 1.3105, the 50% Fib.

dailyclassics_eur-usd_body_Picture_2.png, EUR/USD Technical Analysis: Bears Aiming Below 1.30

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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