kiwi-dodo-nippon: EURUSD Technical Update – June 13th

EURUSD Technical Update – June 13th – Euro Dollar Analysis

Our euro/dollar update yesterday noted that the currency pair was “threatening a move towards the 61.8% Fibonacci retrace of the main swing lower from 1.3710″.
The EURUSD pair has indeed moved to this level and is currently seeing an element of consolidation after squeezing the shorts.
Price action around this 61.8% Fibonacci retrace is seen as key in the near term and could help give a directional bias for the common currency.
EURUSD is trading at a 0.17% daily gain after covering 102% of the 60 day average range on the 12th June.
As previously noted, any corrective move to the downside has the 1.3240 area previous swing high as a potentially supportive area in the near term.
With this in mind, the near term technical picture remains relatively positive for EURUSD as long as this 1.3240 area holds.

Any prolonged downside has the 1.3135 area price pivot as a focus. Further to this, the 1.3000 handle psychological round number with D1 200 day SMA marginally above.