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EUR/USD Technical Analysis: Bottom in Place Above 1.16?

EUR/USD Technical Analysis: Bottom in Place Above 1.16?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.1751, 1.1677, 1.1558
  • Resistance:1.1870, 1.2041, 1.2246

The Euro may be carving out a bottom against the US Dollar as positive RSI divergence warns of ebbing downside momentum. Near-term resistance is at 1.1870, the January 12 high, with a break above that on a daily closing high exposing support-turned-resistance marked by the July 2012 low at 1.2041.Alternatively, a reversal below the 14.6% Fibonacci expansion at 1.1751 clears the way for a test of the 23.6% level at 1.1677.

We expect any on-coming EURUSD strength to be corrective, in line with our long-term outlook. With that in mind, we will treat upside momentum as an opportunity to enter short at a more attractive level and remain on the sidelines in the interim.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

EUR/USD Technical Analysis: Bottom in Place Above 1.16?

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.

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