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EUR/USD Technical Analysis: Euro Pops to One-Month High

EUR/USD Technical Analysis: Euro Pops to One-Month High

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.2491, 1.2397, 1.2340
  • Resistance:1.2566, 1.2642, 1.2735

The Euro advanced against the US Dollar as expected having completed a bullish Morning Star candlestick pattern. Near-term resistance is at 1.2566, the 50% Fibonacci retracement, with a break above that on a daily closing basis exposing the 61.8% level at 1.2642. Alternatively, a reversal below the 38.2% Fib at 1.2491 clears the way for a test of the 23.6% retracement at 1.2397.

Our long-term outlook calls for a broadly stronger US Dollar against its key counterparts. With that in mind, we will treat the ongoing EURUSD bounce as a chance to get short at more attractive levels once a clear-cut trade setup presents itself rather than a buying opportunity.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

EUR/USD Technical Analysis: Euro Pops to One-Month High

Daily Chart - Created Using FXCM Marketscope

--- 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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