EUR/USD Technical Analysis 05.24.2013

Ilya Spivak
May 24, 2013

EUR/USD Technical AnalysisPrices 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.

Forex_EURUSD_Technical_Analysis_05.24.2013_body_Picture_5.png, EUR/USD Technical Analysis 05.24.2013
Forex_EURUSD_Technical_Analysis_05.24.2013_body_Picture_5.png, EUR/USD Technical Analysis 05.24.2013

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

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