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Forex: EUR/USD Technical Analysis – Topping Needs Confirmation

Forex: EUR/USD Technical Analysis – Topping Needs Confirmation

2013-10-08 12:47:00
Ilya Spivak, Head Strategist, APAC
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Talking Points

  • A Bearish Engulfing candlestick pattern warns of weakness ahead
  • Near-term support is at 1.3518, the 23.6% Fibonacci retracement
  • Break lower exposes 1.3438 (38.2% Fib); initial resistance at 1.3645(Oct 3 high)

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

dailyclassics_eur-usd_body_Picture_2.png, Forex: EUR/USD Technical Analysis – Topping Needs Confirmation

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

Contact and follow Ilya on Twitter: @IlyaSpivak

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