EUR/USD Near Middle of Familiar Range

DailyFX

EUR/USD Technical Strategy: Flat

Prices are consolidating below resistance at 1.3163, the 61.8% Fibonacci retracement. A break higher targets the 76.4% level at 1.3260. Near-term support is at 1.3085, the 50% retracement, with a move below that exposing the 38.2% Fib at 1.3007.Risk/reward considerations argue against placing a trade at current levels and we will stand aside.

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dailyclassics_eur-usd_body_Picture_2.png, EUR/USD Near Middle of Familiar Range

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

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