EUR/USD Technical Analysis – Familiar Trend Line in Play
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- EUR/USD Technical Strategy: Pending Short
- Support: 1.3585, 1.3502, 1.3476
- Resistance:1.3630, 1.3689, 1.3747
A Euro is in consolidation mode after a recovery against the US Dollar was cut short at falling trend line resistance near the 1.36 figure. The barrier is now at 1.3630, with a break above that targeting the 1.3676-89 area marked by the June 6 high and the 38.2% Fibonacci retracement. Alternatively, a turn below resistance-turned-support at 1.3585, the May 29 low, clears a path to the 1.3476-1.3502 zone bracketed by the February 3 and June 5 bottoms.
Our long-term fundamental outlook calls for Euro weakness against the greenback but an actionable short trade signal is absent for now. We will stand aside, monitoring price action for actionable opportunities.
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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.