EUR/USD Technical Analysis– Prices broke support at 1.2918, marked by the 23.6% Fibonacci expansion and the bottom of a short-term falling channel. Sellers now aim to challenge the 38.2% Fib at 1.2801, with a break below that aiming for the 50% level at 1.2707. The 1.2918 level has been recast as near-term resistance. A move back above that eyes the channel top at 1.3094.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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