EURUSD finished last week close to the 61.8% Fibonacci retrace area, as shown on the attached chart, an area aligned with the weekly 200 period SMA.
Euro/dollar bulls will be looking for near term support in the 1.3240 area, a level that marks a significant previous swing high. Price action developments around this area could help provide a directional bias heading into the new week.
Guest post by Nick Simpson of www.forex-fx-4x.com
We note that Friday closed within the previous days range – as an inside day candle pattern.
Prior resistance was found approaching the 1.3700 area, this is a key technical area going forward.
The US dollar index has closed the week under 80.90 area previous resistance. We will monitor any move back to this area to gain a broad perspective on the dollar.