EUR/USD Bounces Off Confluent Support Amid Key Technical Levels
As we enter the new trading week, technical traders are looking at key levels on major assets. The US Dollar (DXY) and Euro (EUR/USD) are in focus, with the EUR/USD price chart showing a rebound off confluent support at 1.1534-78.
This region is defined by the 38.2% retracement of the June advance and the May/January swing lows. The lower parallel of the July uptrend converges on this zone over the next few days, with losses below 1.1563 needed to suggest a more significant near-term high is in place.
Initial resistance for EUR/USD is eyed at the 38.2% retracement of the recent decline, which converges on the 200-day and 52-week moving averages and the 25% parallel of the upslope near 1.1630/31. A breach or daily close above this threshold would threaten trend resumption.