EUR/USD Technical Analysis – Taking Aim at 1.37 Figure
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- 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.
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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.