EUR/USD Technical Analysis: Rebound Stalls Above 1.28
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- EUR/USD Technical Strategy: Flat
- Support: 1.2750, 1.2619, 1.2500
- Resistance:1.2852, 1.3070, 1.3246
The Euro recovered against US Dollar as expected after putting in a bullish Piercing Line candlestick pattern. A daily close above the 23.6% Fibonacci retracementat 1.2852 exposes the 38.2% level at 1.3070. Alternatively, a turn back below the October 13 close at 1.2750 opens the door for a test of the October 1 close at 1.2619.
We took profits on a Euro short position last week and will aim to re-enter the trade in line with our long-term fundamental outlook when the opportunity presents itself. The absence of a defined bearish reversal signal suggests pulling the trigger is premature for now.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com