EUR/USD Technical Analysis – Readying to Overcome 1.37?
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- EUR/USD Technical Strategy: Pending Short
- Support: 1.3623, 1.3585, 1.3476-1.3502
- Resistance:1.3689, 1.3747, 1.3805
A Euro continued to push higher against the US Dollar as expected, with buyers now aiming to clear a path above the 1.37 figure. The pair is flirting with resistance at 1.3689, the 38.2% Fibonacci retracement, with a daily close above this barrier targeting the 50% level at 1.3747. Resistance-turned-support is at a falling trend line set from mid-May, now at 1.3623. A reversal back below that opens the door for a test of the May 29 low at 1.3585.
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