EUR/USD Technical Analysis – Looking for Drivers Above 1.35
To receive Ilya's analysis directly via email, please SIGN UP HERE
- 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 treading water as prices digest recent losses against the US Dollar that brought the pair to a four-month low. Near-term support is seen in the 1.3476-1.3502 zone, an area bracketed by lows from June 5 and February 3. Initial resistance is in the 1.3574-85 area, marked by the May 29 low and the 14.6% Fibonacci expansion. A break above that on a daily closing basis opens the door for a challenge of the 23.6% level at 1.3618.
We continue to look for opportunities to sell the Euro in line with our long-term fundamental outlook. An actionable signal is absent for the time being however.
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.