Forex: EUR/USD Looking At Key Resistance of 1.3305

on Jun 11, 2013

Yesterday the price gap in the pair closed and the price increased by 0.50 percent. During Asian trading today, the EUR/USD reached a high of 1.3290 and in early European trade is currently changing hands at 1.3260. The price action has jumped above the 50 percent Fibonacci retracement of 1.3709 to 1.2742 at 1.3225.

The daily chart clearly identifies the 1.3305 level as having offered both resistance and support in the past.
The first target for a rise today would be the 1.3305 level – the high from last Thursday, 6 June. Next are 1.3339 (61.8 percent Fibo) and 1.3390. But before that the resistance at 1.3270 must be overcome.
Levels at which the price may find support today are 1.3250, 1.3185 and 1.3130.
!fm[EUR/USD 09:00 BST Daily](/uploads/story/2940/eurusddaily_11h.png)

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