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EUR/USD Technical Analysis: Sellers Threaten 1.31 Figure

EUR/USD Technical Analysis: Sellers Threaten 1.31 Figure

Ilya Spivak, Head Strategist, APAC

EUR/USD Technical AnalysisPrices turned lower as expected, snapping the rising trend established from mid-May. Sellers are now testing support at 1.3105 marked by the 50% Fibonacci retracement, with a break below that exposing the 61.8% level at 1.3032. Near-term resistance is at 1.3178, the 38.2% Fib, with a move back above that eyeing the 23.6% retracement at 1.3268.

dailyclassics_eur-usd_body_Picture_2.png, EUR/USD Technical Analysis: Sellers Threaten 1.31 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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