EUR/USD Technical Analysis 02.15.2013

Ilya Spivak

EUR/USD Technical Analysis– Prices turned lower as expected after putting in a Bearish Engulfing candlestick pattern. Sellers are now testing below support at 1.3353, the 50% Fibonacci retracement. A break lower on a daily closing basis targets the 61.8% level at 1.3269. Initial resistance is at 1.3520, the 23.6% Fib expansion, with a reversal above that aiming for the 38.2% level at 1.3624.

Forex_EURUSD_Technical_Analysis_02.15.2013_body_Picture_5.png, EUR/USD Technical Analysis 02.15.2013
Forex_EURUSD_Technical_Analysis_02.15.2013_body_Picture_5.png, EUR/USD Technical Analysis 02.15.2013

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--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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