EUR/USD Technical Strategy: Flat
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. Risk/reward considerations argue against entering a trade at current levels and we will stand aside for now.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
- Finance Trading
- Basic Materials Industry