EUR/USD Technical Analysis: Readying to Push Below 1.17?

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Talking Points:

• EUR/USD Technical Strategy: Flat
• Support: 1.1777, 1.1684, 1.1609
• Resistance:1.1929, 1.2080, 1.2173

The Euro is attempting to clear a path below the 1.17 figure against the US Dollar after recording a sixth consecutive daily decline. Near-term support is at 1.1777, the 123.6% Fibonacci expansion, with a break below that exposing the 138.2% level at 1.1684. Alternatively, a reversal above the 1.1875-1.1929 area, marked by the June 2010 low and the 100% Fib, clears the way for a test of the 76.4% expansion at 1.2080.

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