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Talking Points:
- EUR/USD Technical Strategy: Flat
- Support: 1.1219, 1.1171, 1.1112
- Resistance: 1.1267, 1.1326, 1.1466
The Euro continues to recover against the US Dollar, with prices advancing to the highest level in two months. Near-term resistance is at 1.1267, the 61.8% Fibonacci expansion, with a break above that on a daily closing basis exposing the 76.4% level at 1.1326. Alternatively, a turn below the 50% Fib at 1.1219 clears the way for a challenge of the 38.2% expansion at 1.1171.
Prices are wedged too closely between near-term support and resistance levels to justify taking a trade in line with our long-term outlook from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.
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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
