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- EUR/USD Technical Strategy: Flat
- Support: 1.3585 (May 29 low), 1.3502 (Jun 5 low)
- Resistance:1.3667 (23.6% Fib exp.), 1.3769 (38.2% Fib exp.)
The Euro continues to consolidate in a familiar range against the US Dollar after last week’s ECB-inspired fireworks failed to produce a breakout. Support is at 1.3585, the May 29 low. A break below that on a daily closing basis exposes the June 5 low at 1.3502, followed by the February 3 bottom at 1.3476. Near-term resistance is at 1.3667, the 23.6% Fibonacci expansion, with a break above that exposing the 38.2% level at 1.3769.
Our last short EURUSD position was fully unwound last week. We will monitor price action for a new selling opportunity in line with our long-term fundamental outlook from here.
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Daily Chart - Created Using FXCM Marketscope 2.0