EUR/USD Technical Analysis: Down Move Stalls Above 1.22
To receive Ilya's analysis directly via email, please SIGN UP HERE
- EUR/USD Technical Strategy: Flat
- Support: 1.2173, 1.2080, 1.1929
- Resistance:1.2246, 1.2324, 1.2418
The Euro paused to digest losses after sinking to a new 28-month low against the US Dollar but positioning hints a move below 1.22 is ahead. Near-term support is at 1.2173, the 61.8% Fibonacci expansion, with a break below that on a daily closing basis exposing the 76.4% level at 1.2080. Alternatively, a reversal above the 50% Fib at 1.2249 clears the way for a test of the 38.2% expansion at 1.2324.
Prices are wedged too closely between near-term support and resistance levels to justify entering a long or short trade from a risk/reward perspective. With that in mind, we will remain on the sidelines for now an attractive selling opportunity in line with our long-term outlook presents itself.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
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.