EUR/USD Technical Analysis – Selling Opportunity Sought
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- EUR/USD Technical Strategy: Flat
- Support: 1.3580 (May 29 low), 1.3502 (Jun 5 low)
- Resistance:1.3667 (23.6% Fib exp.), 1.3769 (38.2% Fib exp.)
The Euro spiked lower toward the 1.35 figure but losses proved short-lived, with prices swiftly recovering toward the top of a familiar consolidation range. Near-term resistance is at 1.3667, the 23.6% Fibonacci expansion, with a break above that exposing the 38.2% level at 1.3769. Alternatively, a move below 1.3580 – the May 29 low – targets the June 5 bottom at 1.3502.
We sold EURUSD at 1.3654 and booked profit on half of the position The remainder of the trade was closed out at breakeven on yesterday’s upward spike and we will take to the sidelines for now, looking for a new short entry opportunity in line with our long-term fundamental outlook.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.