EUR/USD: Pulls Back With Caution


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


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