EUR/USD Technical Analysis– Prices broke below the 23.6% Fibonacci expansion at 1.3014, exposing the 1.2873-1.2904 area marked by a downward-sloping neckline and the 38.2% level. A further push beneath that aims for the 50% Fib at 1.2759. The 1.3014 level has been recast as near-term resistance, with a bounce back above that eyeing the underside of a recently broken rising trend line at 1.3089.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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