Trader, analyst and instructor with a 6-year experience

EUR/USD: news from the battlefield

EUR/USD is recovering from the yesterday’s dip to $1.2985, strengthening to $1.3040 (61.8% Fibo from May-June rally). As expected, the psychological $1.3000 area is offering support for the euro.  

Given the H4 MACD divergence and the oversold market conditions, we concede the recovery to extend to $1.3100 (50% Fibo from the May-June rally, 23.6% from the recent decline). However, the medium term picture remains bearish: break through the $1.3000 barrier would open the way to our target at $1.2850.

Euro zone will release a bunch of data today, including German unemployment change and M3 money supply. Today the EU economic summit begins. 

Chart. H4 EUR/USD

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