EUR/USD – Weekly Technical Analysis (11.08.2014-15.08.2014)
The EUR/USD is still in a correction phase. The pair is expected to test the 1.3480-1.35 resistance zone, where the upside should be contained. The 0.382 Fibonacci retracement of the fall from 1.37 is located at 1.3494 which adds to the significance of the resistance zone.
The picture remains bearish, and the pair is expected to continue its decline once the correction is finished. A decisive breach of the 1.35 resistance with a daily close above the level, however, would negate the bearish scenario and will send the pair to 1.3650.
Next target to the downside is the key 1.3280 support level. A break there will send the EUR/USD further south to the 1.30 psychological support.
