EUR/USD Technical Analysis– Prices turned lower as expected after putting in a Bearish Engulfing candlestick pattern. Sellers are now testing the 61.8% Fibonacci retracement at 1.3061, a barrier reinforced by falling channel bottom. A break downward targets the 76.4% level at 1.2907. Near-term resistance is at 1.3185, the 50% Fib, and is followed by the channel top at 1.3827.
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
To be added to Ilya‘s e-mail distribution list, please CLICK HERE
New to FX? Watch this Video. For live market updates, visit the Real Time News Feed
EUR/USD Technical Analysis 02.26.2013
No comments:
Post a Comment