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EUR/USD Technical Analysis – Prices as moving as expected after putting in a bearish Dark Cloud Cover candlestick pattern below resistance in the 1.3416-51 area, marked by the June 19 high and the 38.2% Fibonacci expansion. The pair is now testing below support at the bottom of a rising channel set from mid-July and the 23.6% Fib retracement at 1.3286. Confirmation of a breakdown on a daily closing basis suggests a double top in place, exposing the next downside barrier at 1.3185. Alternatively, a move back above the channel bottom (now at 1.3338) aims for 1.3416 anew.
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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
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