EUR/USD Technical Strategy: Pending short
Prices are pulling back from resistance at 1.3085, the 50% Fibonacci retracement. Near-term support is at 1.3007, the 38.2% level, with a break below that targeting the 23.6% Fib at 1.2910. Alternatively, a reversal above resistance aims for the 61.8% retracement at 1.3163.We will look for confirmation of a top in place to position for a short entry.
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