EUR/USD Technical Analysis– Prices are testing support at 1.2973, the intersection of the 23.6% Fibonacci expansion and a formerly broken falling trend line. The pullback appears corrective at this stage and we will continue to hold long for now. A break downward exposes the 38.2% Fib at 1.2832. Near-tem resistance is at 1.3201, the April 16 high.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
- Finance Trading
- Basic Materials Industry