EUR/USD – Weekly Technical Analysis (18.08.2014-22.08.2014)
The EUR/USD has been stuck in the tight range between 1.3330-1.3420 for a second week. Our position here remains neutral until one of the above levels is breached.
Should a breakout of the 1.3330 support occur, the pair will head south to the crucial 1.3280 level. A breakout there will expose 1.3240 for a test.
In case the 1.3420 resistance fails to hold the upside, the EUR/USD will continue its way up for a test of the key 1.3480-1.35 resistance zone. The 0.382 Fibonacci retracement of the fall from 1.37 is located at 1.3494 which adds to the significance of the area.
Any upside should be limited to 1.35. The EUR/USD is currently in a downtrend and further bearishness is expected to follow.
