Currency Analyst since 2010

EUR/USD: comments from FBS

EUR/USD touched $1.3400 today after it made a big decline through the short-term support line on Wednesday.

Resistance lies at $1.3480 and $1.3500 ahead of $1.3550. Support lies at $1.3415 (Fibo retracements), $1.3380 (bottom of the daily Cloud, 100-day MA) and $1.3300.

The pair formed a hammer on H4 and got support from the Ichimoku Cloud. We think that euro may recover a bit, but will face resistance soon enough. We’ll be looking to the opportunities to sell EUR/USD in the $1.3480/3500 area with target at $1.3390 and stop at $1.3520.

If euro doesn’t recover and settle below $1.3400, it will become vulnerable for a slide to November lows.  

Chart. H4 EUR/USD

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