EUR/USD Technical Analysis: Waiting for Short Trade Setup
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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 continues to face heavy pressure, with prices dipping below the 1.19 figure against the US Dollar for the first time since 2006. A daily close below the 100% Fibonacci expansion at 1.1929 exposes the 123.6% level at 1.1777. Alternatively, a turn back above the 76.4% Fib at 1.2080 opens the door for a challenge of the 61.8% expansion at 1.2173.
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.