EUR/USD Technical Analysis: Support Now Seen Below 1.16
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- EUR/USD Technical Strategy: Flat
- Support: 1.1558, 1.1462, 1.1366
- Resistance:1.1677, 1.1751, 1.1870
The Euro resumed its descent against the US Dollar, with prices now aiming at support below the 1.16 figure. A daily close below the 38.2% Fibonacci expansion at 1.1558 exposes the 50% level at 1.1462. Alternatively, a turn above the 23.6% Fib at 1.1677 opens the door for a challenge of the 14.6% expansion at 1.1751.
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.