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Forex: EUR/USD Technical Analysis – Channel Cuts Rally Short

Forex: EUR/USD Technical Analysis – Channel Cuts Rally Short

2013-11-15 09:19:00
Ilya Spivak, Head Strategist, APAC
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Talking Points

  • Prices fell as expected after putting in Bearish Engulfing candle pattern;we’ve entered short
  • Turning lower after a broken channel bottom retest eyes 1.3420 (38.2% Fib ret.)
  • Break lower eyes 1.3293 (50% Fib); above the channel (1.3506) aims for 1.3577 (23.6% Fib)

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

dailyclassics_eur-usd_body_Picture_2.png, Forex: EUR/USD Technical Analysis – Channel Cuts Rally Short

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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