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.