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EUR/USD Bounces, Resistance at Former Low, 50% Fib at $1.3070/80

EUR/USD Bounces, Resistance at Former Low, 50% Fib at $1.3070/80

Christopher Vecchio, CFA, Senior Strategist
EURUSD_Bounces_Resistance_at_Former_Low_50_Fib_at_1.307080_body_Picture_6.png, EUR/USD Bounces, Resistance at Former Low, 50% Fib at $1.3070/80

Chart prepared by Christopher Vecchio using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREX Analysis: On Wednesday I said “I’d look into 1.3070/80 (38.2% Fib July 2012 low to February 2013 high [blue line], 50% Fib April low to June high [red line]) for resistance for the next short opportunity.” Price has approached this level today, bouncing off of the daily RSI uptrend as expected, presenting the shorting opportunity on a rally we’ve been eying.

FOREX Trading Strategy: The US Dollar has rallied a long ways since last Wednesday’s Fed meeting so it would be shortsighted to ignore the potential for a pullback – even if for a day or two. However, a test of the 1.3070/80 region and ensuing failure would warrant a look from the short side once more, with risk contained to the June 25 high at 1.3150.

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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