EUR/USD Technical Analysis – Euro Rebounds to 1-Week High
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- EUR/USD Technical Strategy: Pending Short
- Support: 1.3476-1.3502 (Feb 3 low, Jun 5 low)
- Resistance:1.3574-85 (14.6% Fib ret., May 29 low), 1.3618 (23.6% Fib ret.)
The Euro is attempting a cautious recovery against the US Dollar, with prices pulling up to the highest level in a week. Near-term resistance is in the 1.3574-85 area, marked by the 14.6% Fibonacci retracement and the May 29 low. A break above that on a daily closing basis targets the 23.6% level at 1.3618. Support is seen in the 1.3476-1.3502 zone, bracketed by the February 3 and June 5 swing lows.
Our long-term fundamental outlook calls Euro weakness against the greenback and we continue to look for selling opportunities. An actionable trade setup is absent however and we will continue to stand asidefor the time being.
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.