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EUR/USD Technical Analysis – Euro Rebound Loses Steam

EUR/USD Technical Analysis – Euro Rebound Loses Steam

2014-06-24 03:39:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/USD Technical Strategy: Pending Short
  • Support: 1.3585, 1.3502, 1.3476
  • Resistance:1.3629, 1.3689, 1.3747

The Euro is having a hard time renewing upward momentum against the US Dollar, with prices flat-lining near the 1.36 figure. Near-term resistance is at 1.3629, a falling trend line set from mid-May. A break above that exposes the 1.3676-89 area, marked by the June 6 high and the 38.2% Fibonacci retracement. Alternatively, a reversal below resistance-turned-support at 1.3585, the May 29 low, clears a path to the 1.3476-1.3502 area bracketed by the February 3 and June 5 bottoms.

We are looking to sell the Euro once again in line with our long-term fundamental outlook. An actionable signal is absent for now however and we will continue to stand aside in the interim.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

EUR/USD Technical Analysis – Euro Rebound Loses Steam

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.

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