EURUSD Technical Update

• The EURUSD currency pair has moved above the key 1.3200 resistance highs but closed below on the weekly timeframe.  This 1.3200 level is also aligned with the 38.2% retrace of 1.4246 – 1.2629.
• A sustained move below 1.3000 would be needed in order for the near term directional bias to shift to the downside.
• Bearish wagers on the EUR FX (CME) have decreased for the 2nd consecutive week with the key large speculator group registering 140,593 contracts against the euro.
• Resistance could potentially be seen at the following levels: 1.3500 is a major psych level and a 38.2% Fibonacci retrace, 1.3627 is an FE100 and 61.8% Fibonacci confluence area.
• Support could likewise potentially be seen at the following areas; 1.3000 – 1.3020 is a zone which encapsulates the major psych 1.300 round number and the recent range lows, 1.2866 is a previous price pivot zone.
• Average weekly range  over 26 weeks is 349 pips with this week registering 195 and therefore 83% of the AWR.