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EUR/USD Technical Analysis: Buyers Aiming for 1.3338 Resistance

EUR/USD Technical Analysis: Buyers Aiming for 1.3338 Resistance

Dimitri Zabelin, Analyst

EUR/USD TECHNICAL STRATEGY: BEARISH

  • EUR/USD aiming for 1.3339 resistance
  • How long can it last above key barrier?
  • A failure to breach could be bearish

See our free guide to learn how to use economic news in your trading strategy!

Following the drop caused by the ECB rate decision and outlook, EUR/USD turned around at 1.119 and has continued to rise along a frequently-tested support range on the 4-hour chart below Despite breaking through it yesterday, the pair appear to be mounting up for a possible re-entry. A resumption above the dominant support would strengthen the case that the pair is aiming toward 1.3339.

EUR/USD – Four-Hour Chart

Chart Showing EUR/USD

Taking a bird’s eye view with a daily chart reveals a choppy congestion prior to the ECB’s outlook which led the Euro to a two-year low. A failure to breach the psychological barrier at 1.3339 and maintain its momentum would suggest weak confidence in the Euro’s ability to recover from its gloomy prospects. This would be a boon for the bears and a kick to the bulls.

For more technical updates on the Euro and other European assets, you may follow me on twitter at ZabelinDimitri.

EUR/USD – Daily Chart

Chart Showing EURUSD

Immediate fundamental risk by way of the US’ University of Michigan sentiment survey which may give a boost to EUR/USD, should the data fall short of expectations. However, the sugar high from a possible underperformance is not likely to deliver substantial follow through for the pair, considering the longer-term risks the Euro faces in the coming weeks and rest of the year which may keep it pressured below key barriers.

FX TRADING RESOURCES

--- Written by Dimitri Zabelin, Jr Currency Analyst for DailyFX.com

To contact Dimitri, use the comments section below or @ZabelinDimitrion Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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