EUR/USD Technical Analysis: Key Support Above 1.21
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- EUR/USD Technical Strategy: Flat
- Support: 1.2143, 1.2080, 1.1929
- Resistance:1.2173, 1.2249, 1.2324
The Euro pushed to a new 28-month low against the US Dollar but a clear-cut breakout seems to have been avoided. A daily close below falling trend line support at 1.2143 exposes the 76.4% Fibonacci expansion at 1.2080. Alternatively, a turn back above the 61.8% Fib at 1.2173 opens the door for a challenge of the 50% expansion at 1.2249.
Risk/reward considerations argue against entering short with prices in close proximity to support. 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.
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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.