EUR/USD making a foothold on 1.36 handle

By FXstreet.com | July 07, 2014 AAA

FXStreet (Guatemala) - EUR/USD is trading at 1.3608, up 0.03% on the day, having posted a daily high at 1.3610 and low at 1.3603.



EUR/USD has ticked up on the global trading day and is basing a foothold on the 1.36 handle again in Asia. However, as Valeria Bednarik, chief analyst at FXStreet explains, in the 4 hours chart, indicators advance but hold well below their midlines, while moving averages converge a few pips above current price, reflecting the clear lack of directional trend. “Some advances above mentioned resistance may see price extending its recovery up to 1.3675, 61.8% retracement of this year rally, where buyers will likely halt any other attempt of advancing. To the downside, a break below 1.3570 is required to trigger some stops and fuel a bearish run towards 1.3500/30 price zone”.



EUR/USD Levels



With spot trading at 1.3608, we can see next resistance ahead at 1.3610 (Daily Classic R1), 1.3610 (Daily High), 1.3610 (Yesterday's High), 1.3624 (Daily Classic R2) and 1.3625 (Daily 20 SMA). Support below can be found at 1.3605 (Daily Open), 1.3603 (Daily Low), 1.3600 (Hourly 20 EMA), 1.3597 (Daily Classic PP) and 1.3595 (Weekly Low).



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