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Contributors Chart of the day for August 20th, 2013 – EUR/USD

By Ilya Spivak

Prices rebounded from support at 1.3244, the 23.6% Fibonacci expansion, to retest the underside of a broken Rising Wedge chart formation (now at 1.3393). A break above that targets the June 19 high at 1.3416. Alternatively, a break below 1.3244 aims for the 38.2% Fib at 1.3147. On balance, the bounce appears corrective within the context of a broader move lower.


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