EUR/USD Chart 1H 6/13/2012 1:42PM EDT
The 6/13 session has been good to the euro, even as Spanish and Italian yields continue to reflect uncertainty in the eurozone. The market is rallying against a sharp dip from 0.8152 to 0.8010. During the 6/13 US session, the EUR/GBP is testing the 61.8% retracement level and a previous pivot from May 22, around the 0.81 handle. Note also that this is where the previously broken short-term support projects to. Can it hold as resistance?
The market continues to be choppy ahead of the Greek election, though the 6/14 Italian bond auction may also be a key risk event on the horizon.
To the upside, if the market can not hold the market from clearing 0.81, we have the 0.8150 level, then the 0.82-0.8220 area as resistance. The latter also refers a declining trendline seen in the daily chart.
EUR/USD Daily Chart 6/13/2012 1:45PM EDT
Fan Yang CMT is a forex trader, analyst, educator and Chief Technical Strategist for FXTimes – provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
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