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EUR/USD Technical Analysis – Taking Aim at 1.37 Figure

EUR/USD Technical Analysis – Taking Aim at 1.37 Figure

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Pending Short
  • Support: 1.3626, 1.3585, 1.3476-1.3502
  • Resistance:1.3676-89, 1.3747, 1.3805

A Euro appears poised to extend its recovery against the US Dollar after clearing falling trend line resistance set from mid-May. Buyers are now aiming to challenge the 1.3676-89 area marked by the June 6 high and the 38.2% Fibonacci retracement, with a break higher on a daily closing basis exposing the 50% level at 1.3747. Alternatively, a turn below back below the trend line (now at 1.3626) eyes the May 29 low at 1.3585.

We are looking to sell the Euro 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 – Taking Aim at 1.37 Figure

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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