Forex Analysis: EUR/USD Classic Technical Report 01.03.2013

Prices have turned lower as expected after putting in a bearish Gravestone Doji candlestick. Sellers are now probing below support at 1.3171 (the September 17 2012 high) and 1.3130 (a channel bottom) to challenge former resistance at 1.3071. A break below that exposes the 50% Fibonacci retracement at 1.2983. Near-term resistance is at 1.3283, the May 1 2012 high.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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