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EUR/USD Technical Analysis: Resistance Seen Below 1.28

EUR/USD Technical Analysis: Resistance Seen Below 1.28

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.2615, 1.2507, 1.2332
  • Resistance:1.2783, 1.2958, 1.3100

The Euro moved higher as expected against the US Dollar after prices produced a bullish Piercing Line candlestick pattern. Near-term resistance is at 1.2783, the 23.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 38.2% level at 1.2958. Alternatively, a reversal below the 14.6% Fib expansion at 1.2615 opens the door for a test of the 23.6% threshold at 1.2507.

We booked profits on a Euro short position last week and will now look for a new selling opportunity in line with our long-term fundamental outlook. As it stands, the absence of a defined bearish reversal signal suggests entering currently is premature.

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EUR/USD Technical Analysis: Resistance Seen Below 1.28

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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