EUR/USD Technical Analysis– Prices turned lower as expected, snapping the rising trend established from mid-May. Sellers are now testing support at 1.3105 marked by the 50% Fibonacci retracement, with a break below that exposing the 61.8% level at 1.3032. Near-term resistance is at 1.3178, the 38.2% Fib, with a move back above that eyeing the 23.6% retracement at 1.3268.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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