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EUR/USD Technical Analysis: Topping Setup in Progress?

EUR/USD Technical Analysis: Topping Setup in Progress?

2013-08-13 11:11:00
Ilya Spivak, Head Strategist, APAC
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EUR/USD Technical AnalysisPrices are turning lower after putting in a bearish Dark Cloud Cover candlestick pattern below resistance in the 1.3416 area, the June 19 high. Falling trend line resistance-turned-support is at the 1.3300 figure, with a break lower exposing a rising channel bottom at 1.3257. This barrier is reinforced by the 23.6% Fibonacci expansion at 1.3244.

Confirm your chart-based trade setups with the Technical Analyzer.

dailyclassics_eur-usd_body_Picture_2.png, EUR/USD Technical Analysis: Topping Setup in Progress?

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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