EUR/USD: Pulls Back With Caution

0

EUR/USD: While EUR may have turned lower to halt its upside offensive, it will have to follow trough lower to convince the market of further decline. However, if this fails to occur, a return above the 1.3811/31 levels cannot be ruled out.

Further out, resistance resides at the 1.3900 level where a break will aim at the 1.4000 level. Price hesitation may occur here but if violated it will target the 1.4100 level.

Conversely, support lies at the 1.3600 level with a break turning focus to the 1.3500 level and possibly lower towards the 1.3400 level. We may see bulls come in here and turn the pair higher but further decline if seen will push the pair towards the 1.3400 level.

All in all, EUR remains biased to the upside in the medium despite price halt.

Guest post by FX Tech Strategy

EURUSD

Get the 5 most predictable currency pairs

About Author

FX Tech Strategy provides simple forex research for Intra-day, swing and position traders. For over 6 years, FXTechstrategy has been committed to providing forex traders including intra-day, swing and position traders exceptional forex research with technical analysis expertise that makes trading decisions easy and painless. FXTchstrategy won Best Technical Analysis (forex best awards) by fxstreet in 2011 and was finalists, Star Awards by traderplanet in 2011 & 2012.

Comments are closed.