EURUSD consolidating above key Fibo level

EURUSD consolidating above key Fibo level

17 August 2014, 13:13
Mike Dennis
0
293
  • EURUSD is in consolidation mode above the 200% extension of the June/July advance near 1.3325
  • Our broader bias is negative in the euro while under 1.3560
  • A close under 1.3300 is needed to confirm that a new leg lower is underway
  • A turn window is eyed early next week
  • A weekly close back over 1.3560 would turn us positive on the exchange rate


Weekly EUR/USD Strategy: We like selling on strength
InstrumentSupport 2Support 1SpotResistance 1Resistance 2
EUR/USD 1.3300 1.3325 1.3390 1.3430 1.3560