EUR/USD Technical Analysis: Stalling at Trend Line Support
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- EUR/USD Technical Strategy: Flat
- Support: 1.2136, 1.2080, 1.1929
- Resistance:1.2173, 1.2249, 1.2324
The Euro has stalled after sinking to a 28-month low against the US Dollar, with prices waiting for a new directional catalyst. A daily close below falling trend line support at 1.2136 exposes the 76.4% Fibonacci expansion at 1.2080. Alternatively, a reversal above the 61.8% Fib at 1.2173 clears the way for a test of the 50% expansion at 1.2249.
Prices are too close to support to justify entering short from a risk/reward perspective. With that in mind, we will continue to stand aside 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.