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Forex: EUR/USD Technical Analysis – Sellers Set Sights on 1.31

Forex: EUR/USD Technical Analysis – Sellers Set Sights on 1.31

2013-09-04 01:42:00
Ilya Spivak, Head Strategist, APAC
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Talking Points

  • Prices declined as expected after putting in a bearish Dark Cloud Cover candlestick pattern
  • Break of support at 1.3185 (38.2% Fib) has exposed 1.3103 (50% Fib) as the next barrier
  • A turn back above 1.3185 targets 1.3286, the 23.6% Fib retracement

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

dailyclassics_eur-usd_body_Picture_2.png, Forex: EUR/USD Technical Analysis – Sellers Set Sights on 1.31

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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