EUR/USD Technical Analysis – Familiar Range Still in Play

By DailyFx | June 09, 2014 AAA

DailyFX.com -

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • 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.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

EUR/USD Technical Analysis – Familiar Range Still in Play

Daily Chart - Created Using FXCM Marketscope 2.0

comments powered by Disqus
Related Forex Analysis
  1. SEB: EUR/USD sellers just above resistance - eFXnews
    Forex News

    SEB: EUR/USD sellers just above resistance - eFXnews

  2. USD/JPY shows another attempt to reach recent highs
    Forex News

    USD/JPY shows another attempt to reach recent highs

  3. EUR/GBP testing the range bottom before the UK data
    Forex News

    EUR/GBP testing the range bottom before the UK data

  4. EUR/USD Forex Signal - September 17
    Investing

    EUR/USD Forex Signal - September 17

  5. What’s the sentiment around the EUR/USD today? – OCBC Bank and Scotiabank
    Forex News

    What’s the sentiment around the EUR/USD today? – OCBC Bank and Scotiabank

Trading Center