EUR/USD technical analysis (daily chart)
EUR/USD trades within a clear downtrend on the daily chart, although it found support around the May low and has retraced higher for the past two days. Given I see the risks of a stronger US dollar beyond the FOMC meeting and coming weeks, low volatility moves higher may be appealing for bears wanting to fade into the move.
EUR/USD trades within a clear downtrend on the daily chart, although it found support around the May low and has retraced higher for the past two days. Given I see the risks of a stronger US dollar beyond the FOMC meeting and coming weeks, low volatility moves higher may be appealing for bears wanting to fade into the move.
- Yesterday’s high stalled around a 50% retracement level, although the 61.8% Fibonacci level at 1.0718 or 78.6% level at 1.0744 could also act as areas for bears to consider fading into
- The bias remains bearish beneath the 1.0770 high (or 1.0800 for more conservative risk management)
- Initial target is the 1.0516 low, near the 1.05 handle and YTD low of 1.0483
- Bears with a longer outlook may also want to consider a break of the YTD low with an open downside target