EUR/USD Technical Analysis– Prices took out rising trend line support set from early March to challenge the 23.6% Fibonacci expansion at 1.3014. A break below this barrier initially targets neckline support at 1.2913. The trend line, now at 1.3077, has been recast as resistance. A reversal back above that eyes the May 1 high at 1.3242. We have booked profits on our long position.
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