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EUR/USD Technical Analysis – Rally Stalls Below 1.37 Mark

EUR/USD Technical Analysis – Rally Stalls Below 1.37 Mark

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • 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.

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

EUR/USD Technical Analysis – Rally Stalls Below 1.37 Mark

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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