EUR/USD Technical Analysis – Prices rebounded from support at 1.3244, the 23.6% Fibonacci expansion, to retest the underside of a broken Rising Wedge chart formation (now at 1.3379). A break above that targets the June 19 high at 1.3416. Alternatively, a break below 1.3244 aims for the 38.2% Fib at 1.3147. On balance, the bounce appears corrective within the context of a broader move lower.
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Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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