EUR/USD Technical Analysis: Support Met Below 1.22 Mark
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- EUR/USD Technical Strategy: Flat
- Support: 1.2173, 1.2080, 1.1929
- Resistance:1.2246, 1.2324, 1.2418
The Euro dropped for a fifth consecutive day against the US Dollar, setting a new 28-month low against the US Dollar. A daily close below the 61.8% Fibonacci expansionat 1.2173 exposes the 76.4% level at 1.2080. Alternatively, a reversal above the 50% Fib at 1.2249 opens the door for a test of the 38.2% expansion at 1.2324.
Risk/reward considerations argue against entering short with prices in close proximity to support. We will remain flat for now, waiting until an attractive selling opportunity in line with our long-term outlook presents itself.
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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.