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Forex: EUR/USD Technical Analysis – Former Support Retested

Forex: EUR/USD Technical Analysis – Former Support Retested

2013-11-12 13:08:00
Ilya Spivak, Head Strategist, APAC
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Talking Points

  • Prices declined as expected after putting in Bearish Engulfing candlestick pattern
  • Breaking support at 1.3420 (38.2% Fib) exposes 1.3293 (50% Fib)
  • Reversing back above 1.3420 eyes 1.3489 (channel bottom); we’ve entered short

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

dailyclassics_eur-usd_body_Picture_12.png, Forex: EUR/USD Technical Analysis – Former Support Retested

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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