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Contributors Chart Of The Day For July 1st, 2014 – EUR/USD
  • EUR/USD Technical Strategy: Pending Short
  • Support: 1.3623, 1.3585, 1.3476-1.3502
  • Resistance:1.3689, 1.3747, 1.3805

Euro continued to push higher against the US Dollar as expected, with buyers now aiming to clear a path above the 1.37 figure. The pair is flirting with resistance at 1.3689, the 38.2% Fibonacci retracement, with a daily close above this barrier targeting the 50% level at 1.3747. Resistance-turned-support is at a falling trend line set from mid-May, now at 1.3623. A reversal back below that opens the door for a test of the May 29 low at 1.3585.

Our long-term fundamental outlook calls for Euro weakness against the greenback but an actionable short trade signal is absent for now. We will stand aside, monitoring price action for actionable opportunities.

EUR/USD Technical Analysis – Readying to Overcome 1.37?

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