EUR/USD Technical Analysis– Prices advanced as expected after putting in a Bullish Engulfing candlestick pattern. A break above the 23.6% Fibonacciexpansion at 1.2913 has exposed the 38.2% level at 1.2986, with a further push beyond that eyeing the 50% Fib at 1.3044. The 1.2913 mark has been recast as near-term support. A reversal back beneath that aims for a trend line set from mid-November 2012, now at 1.2792.
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 05.24.2013
No comments:
Post a Comment