EUR/USD Technical Analysis 05.10.2013
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 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.
