U.S. Markets open in 2 hrs 44 mins

EUR/USD Near Middle of Familiar Range

Ilya Spivak

EUR/USD Technical Strategy: Flat

Prices are consolidating below resistance at 1.3163, the 61.8% Fibonacci retracement. A break higher targets the 76.4% level at 1.3260. Near-term support is at 1.3085, the 50% retracement, with a move below that exposing the 38.2% Fib at 1.3007.Risk/reward considerations argue against placing a trade at current levels and we will stand aside.

Confirm your chart-based trade setups with the Technical Analyzer.

dailyclassics_eur-usd_body_Picture_2.png, EUR/USD Near Middle of Familiar Range

Daily Chart - Created Using FXCM Marketscope 2.0

--- 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.