EUR-USD Could Target 1.3580/90

Published 11/07/2013, 06:08 AM
Updated 05/14/2017, 06:45 AM

EUR-USD tested resistance at 1.3518/3530 as expected & topped almost exactly here at 1.3547. We should struggle here again today being overbought short term, but a break higher cannot be ruled out with the daily chart turning positive & could target 1.3580/90. More likely we hold below 1.3518/3530 keeping the prices in a range down to support at 1.3440/3420 for another buying opportunity, with stops below 1.3385.

Weekly outlook: 4 month bull trend support at 1.3440/3420 could hold the downside this week but a break lower targets the 100 day moving average at 1.3340/3335 then Fibonacci support at 1.3300/3290 for a buying opportunity. A good chance of a recovery to 1.3580/90 & possibly as far as 1.3645/3660.

EUR/USD

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