EUR/USD Technical Analysis: Monthly Uptrend Unravels

Ilya Spivak


EUR/USD Technical AnalysisPrices turned lower as expected, snapping the rising trend prevalent since mid-May. Sellers are now testing support at 1.3268 marked by the 23.6% Fibonacci retracement, with a break below that exposing the 38.2% level at 1.3178. Near-term resistance is at 1.3324, the 14.6% Fib, with a move above that eyeing the June 18 high at 1.3415.


dailyclassics_eur-usd_body_Picture_6.png, EUR/USD Technical Analysis: Monthly Uptrend Unravels
dailyclassics_eur-usd_body_Picture_6.png, EUR/USD Technical Analysis: Monthly Uptrend Unravels

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.