Forex: EUR/USD Technical Analysis - Pullback Meets Initial Support
EUR/USD Technical Analysis – Prices are turning lower after putting in a bearish Dark Cloud Cover candlestick pattern below resistance in the 1.3416 area, the June 19 high. Sellers are now testing support at the bottom of a rising channel set from mid-July, a barrier is reinforced by the 23.6% Fibonacci expansion at 1.3244. A break below that initially exposes the 38.2% level at 1.3147. Falling trend line resistance is now at 1.3295, with a move back above that eyeing 1.3416 anew.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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