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EUR/USD Technical Analysis: Resistance Below 1.31 in Focus

EUR/USD Technical Analysis: Resistance Below 1.31 in Focus

Ilya Spivak, Head Strategist, APAC

EUR/USD Technical AnalysisPrices put in a Hanging Man candlestick on a test of resistance at 1.3085, the 50% Fibonacci retracement, hinting a turn lower may be ahead. Initial support is at 1.3007, the 38.2% level, with a break below that targeting the 23.6% Fib at 1.2910. Alternatively, a reversal above resistance aims for the 61.8% retracement at 1.3163.

dailyclassics_eur-usd_body_Picture_3.png, EUR/USD Technical Analysis: Resistance Below 1.31 in Focus

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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