EUR/USD Technical Analysis – Trying to Renew Recovery
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- EUR/USD Technical Strategy: Pending Short
- Support: 1.3585, 1.3502, 1.3476
- Resistance:1.3632, 1.3689, 1.3747
The Euro is attempting to extend is recovery against the US Dollar but a defined bullish breakout remains elusive. Prices are testing falling trend line resistance at 1.3632, with a daily close above that exposing the 1.3676-89 area marked by the June 6 high and the 38.2% Fibonacci retracement. Resistance-turned-support is at 1.3585, the May 29 low. A reversal back below that opens the door for a test of the 1.3476-1.3502 zone 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.
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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.