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