EURUSD Technical Analysis – 24th May – Euro Dollar Outlook 24/5/13
- The euro/dollar pair has found support around the 1.2840 area – a longer term price pivot zone. Price had pierced this level but ultimately experienced demand.
- The key currency pair bottomed out at 1.2820 today (23rd May) prior to seeing a strong move higher. The range came in at 146% of the 60-day ADR and 135 pips.
- EUR/USD is caught in a near term consolidation zone between the 1.2840 area lows and the 1.3000 area range resistance.
- We note that the 1.3000 area is also aligned with the daily timeframe 200 SMA.
- Any resumption of the recent downside price action has the 61.8% Fibonacci retrace as a technical area of interest – around 1.2680.
- The above comes as the US dollar index is hesitating around the 82.40 area. A significant level for the USDX. The Standard & Poor’s 500 Index was down 0.62 percent, at 1,645.13.