EUR/USD Technical Analysis – Prices recoiled from resistance at a falling trend line set from February, taking out upward-sloping support underpinning the pair from mid-July to expose the 23.6% Fibonacci expansion at 1.3188. A further push below this aims for the 38.2% level at 1.3091. Major trend line resistance is now at 1.3313, followed by the July 31 high at 1.3344.We have entered short.
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Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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