EUR/USD Technical Analysis 04.23.2013

DailyFX

EUR/USD Technical Analysis– Prices may be carving out a Head and Shoulders topping chart pattern. Confirmation of the setup requires a close below support in the 1.3012-26 area, marked by the H&S neckline and the 38.2% Fibonacci retracement. We continue to hold long for now pending the setup’s validation. Near-term resistance is at 1.3093, the 23.6% level.

View photo

.
Forex_EURUSD_Technical_Analysis_04.23.2013_body_Picture_5.png, EUR/USD Technical Analysis 04.23.2013

8hr Chart - Created Using FXCM Marketscope 2.0

Want to back-test your technical trading strategy? Download the historical data here.

--- 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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

Rates

View Comments (0)