By Russell Glaser – The EUR/USD is currently testing a technical resistance level that once breached should solidify the rising trend and a retracement of the December to June bearish trend.
During the Japanese trading session on Monday the EUR/USD tested and failed to break 1.3510 (R1), the 50% retracement level of the previous bearish trend that spanned from December to June. Following the failed breach the pair has fallen to the price of 1.3400.
Should the EUR/USD close above the 50% level, the next technical target would be found at the 61.8% Fibonacci retracement at 1.3890.
Support for the EUR/USD comes in at the height of the June to August bullish move at 1.3330 (S1).
Forex Market Analysis provided by ForexYard.
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