Currency Analyst since 2010

FBS: EUR/USD in short-term

EUR/USD reached $1.3600 today, but then retraced to $1.3570. Yesterday euro closed above 50% Fibo of the decline from Oct. to Nov. at $1.3560. The currency, however, still didn’t settle back inside the uptrend channel since July. The top of the daily Ichimoku Cloud lies at $1.3595.   Support is at $1.3540, $1.3515 and $1.3500. Resistance is at $1.3600, $1.3625, $1.3640.

Today in Europe watch Spanish retail sales at 08:00 GMT (forecast: -1.6%; previous: 2.2%) and German Gfk consumer confidence survey at 09:00 GMT (forecast: 7.1; previous: 7.0).

FBS proposes selling either in the $1.3630 area with stop at $1.3660 and target at $1.3540 or on the break below $1.3500 for $1.3420.  

Chart. H4 EUR/USD

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