EUR/USD Technical Analysis: Bounce to Yield Short Trade
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- EUR/USD Technical Strategy: Flat
- Support: 1.1777, 1.1684, 1.1609
- Resistance:1.1929, 1.2080, 1.2173
The Euro may have set a bottom against the US Dollar after producing a Bullish Engulfing candlestick pattern. A daily close above the 14.6% Fibonacci retracement at 1.1872 exposes the 23.6% level at 1.1946. Alternatively, a turn back below the 123.6% Fib expansion at 1.1777 opens the door for a challenge of the 138.2% threshold at 1.1684.
Our long-term outlook calls for EURUSD weakness. With that in mind, we will look to any on-coming upside as corrective, treating it as a chance to enter short at a more attractive level rather than a buying opportunity.
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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.