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EUR/USD Technical Analysis: Turn Higher Ahead From 1.31?

EUR/USD Technical Analysis: Turn Higher Ahead From 1.31?

Ilya Spivak, Head Strategist, APAC

EUR/USD Technical AnalysisPrices turned lower as expected, snapping the rising trend established from mid-May. The pair is now showing a Doji candlestick above support at 1.3105 the 50% Fibonacci retracement, hinting a bounce may be ahead. Near-term resistance is at 1.3178, the 38.2% level, with a move back above that eyeing the 23.6% Fib at 1.3268. Alternatively, a drop below support exposes the 61.8% retracement at 1.3032.

dailyclassics_eur-usd_body_Picture_2.png, EUR/USD Technical Analysis: Turn Higher Ahead From 1.31?

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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