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- EUR/USD Technical Strategy: Pending Short
- Support: 1.3476-1.3502 (Feb 3 low, Jun 5 low)
- Resistance:1.3574-85 (14.6% Fib ret., May 29 low), 1.3618 (23.6% Fib ret.)
The Euro is treading water as prices digest recent losses against the US Dollar that brought the pair to a four-month low. Near-term support is seen in the 1.3476-1.3502 zone, an area bracketed by lows from June 5 and February 3. Initial resistance is in the 1.3574-85 area, marked by the May 29 low and the 14.6% Fibonacci expansion. A break above that on a daily closing basis opens the door for a challenge of the 23.6% level at 1.3618.
We continue to look for opportunities to sell the Euro in line with our long-term fundamental outlook. An actionable signal is absent for the time being however.
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Daily Chart - Created Using FXCM Marketscope 2.0