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EUR/USD Technical Analysis – Familiar Trend Line in Play

EUR/USD Technical Analysis – Familiar Trend Line in Play

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:1.3630, 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.

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

EUR/USD Technical Analysis – Familiar Trend Line in Play

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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