EUR/USD Technical Analysis – Rally Stalls Below 1.37 Mark
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- EUR/USD Technical Strategy: Pending Short
- Support: 1.3620, 1.3585, 1.3476-1.3502
- Resistance:1.3689, 1.3747, 1.3805
The Euro paused to digest gains following an expected rally against the US Dollar, failing to overcome resistance below the 1.37 figure. A daily close above the 38.2% Fibonacci retracement at 1.3689 initially exposes the 50% level at 1.3747. Alternatively, a move below resistance-turned-support marked by a falling trend line set from mid-May, now at 1.3620, clears the way for a challenge of the May 29 low at 1.3585.
We are still looking to sell the Euro in line with our long-term fundamental outlook. An actionable sell signal is absent for the time being 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.