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Talking Points:

  • EUR/USD Technical Strategy: Pending Short
  • Support: 1.3476-1.3502 (Feb 3 low, Jun 5 low, 38.2% Fib exp.), 1.3431 (50% Fib exp.)
  • Resistance:1.3560 (23.6% Fib exp.), 1.3585 (May 29 low)

The Euro managed a shallow recovery after four consecutive days of losses against the US Dollar but the bounce appears corrective for now. Support is seen in the 1.3476-1.3502 area, a region bracketed by the June 5 and February 3 lows and further bolstered by the 38.2% Fibonacci expansion. A break below that exposes the 50% level at 1.3431. Alternatively, a move above the 23.6% Fib at 1.3560 opens the way for a retest of the May 29 low at 1.3585.

Our last short EURUSD position was unwound last week and we are watching for new opportunities in line with our long-term fundamental outlook. An actionable signal is absent for the time being however.

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EUR/USD Technical Analysis – 4-Day Losing Streak Broken

Daily Chart - Created Using FXCM Marketscope 2.0

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