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Contributors Chart of the Day for July 16th, 2013 – EUR/USD

By Ilya Spivak

Prices put in a Hanging Man candlestick on a test of resistance at 1.3085, the 50% Fibonacci retracement, hinting a turn lower may be ahead. Initial support is at 1.3007, the 38.2% level, with a break below that targeting the 23.6% Fib at 1.2910. Alternatively, a reversal above resistance aims for the 61.8% retracement at 1.3163.

eurusd

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