Trader, analyst and instructor with a 6-year experience

EUR/USD: technical update

After climbing to $1.3175 EUR/USD retraced back towards the $1.3150 mark. Euro bulls remain weak even despite successful Spanish short-term bond auction.

In our view, it makes sense to sell EUR/USD on rallies. Short-term support is seen at $1.3130/20 and $1.3100. Slide below the last level would be a selling signal. A break above $1.3250 would open the way for further euro’s appreciation.  However, for now the upside remains capped by the strong resistance at $1.3200 and $1.3240.

Chart. H4 EUR/USD

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