EUR/USD Technical Analysis– Prices turned lower as expected, snapping the rising trend established from mid-May. The pair has now found support at the 1.30 figure, a psychological barrier reinforced by the 61.8% Fibonacci retracement, and is attempting to challenge near-term resistance at the 50% level (1.3080). A break above that aims for the 38.2% Fib at 1.3159. Alternatively, a push beneath support aims for the 76.4% retracement at 1.2902.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya’s e-mail distribution list, please CLICK HERE
New to FX? Watch this Video. For live market updates, visit the Real Time News Feed