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EUR/USD: daily update

EUR/USD is consolidating in a tight $1.3245/70 range on Tuesday (around 76.4% Fibo). As can be seen from the chart, the pair is gradually edging lower from the 2013 resistance trend line after having peaked at $1.3342 last week.

We recommend selling the pair around the current levels. Support for the pair is seen at $1.3200, $1.3180 (last week’s low) and $1.3160. Resistance lies at $1.3300/15, $1.3340 and $1.3400/15.

On the euro zone’s today’s economic agenda there are Italian Q2 GDP (recession persists) and German factory orders (improvement forecasted). US will release trade balance and job openings data later in the day. 

Chart. Daily EUR/USD

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