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EUR/USD Technical Analysis – Readying to Overcome 1.37?

EUR/USD Technical Analysis – Readying to Overcome 1.37?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • 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.

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

EUR/USD Technical Analysis – Readying to Overcome 1.37?

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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