EUR/USD Technical Analysis 02.12.2013

EUR/USD Technical Analysis- Prices turned lower as expected after putting in a Bearish Engulfing candlestick pattern. Sellers are now testing support at 1.3353, the 50% Fibonacci retracement, with a break below that targeting the 61.8% level at 1.3269. Near-term resistance is at 1.3437, the 38.2% retracement.

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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