EUR/USD Technical Analysis: Euro Slides to Decade Low
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- EUR/USD Technical Strategy: Flat
- Support: 1.1462, 1.1366, 1.1247
- Resistance:1.1558, 1.1677, 1.1751
The Euro continues to push downward against the US Dollar, with prices seemingly poised to probe below the 1.15 figure. Near-term support is at 1.1462, the 50% Fibonacci expansion, with a break below that on a daily closing basis exposing the 61.8% level at 1.1366. Alternatively, a reversal above the 38.2% Fib at 1.1558 clears the way for a test of the 23.6% expansion at 1.1677.
While entering short seems compelling from a purely technical perspective, we will tactically opt to stand aside. We suspect the Euro may bounce following this week’s ECB policy announcement. With that in mind, we will remain flat for now and wait for a corrective pull-up to yield a more attractive selling opportunityin line with our long-term outlook.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com