Skip to content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
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

To receive Ilya's analysis directly via email, please SIGN UP HERE

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.

DISCLOSURES