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EUR/USD Technical Analysis: Looking to Sell on Bounce

EUR/USD Technical Analysis: Looking to Sell on Bounce

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.1123, 1.0992, 1.0830
  • Resistance:1.1254, 1.1416, 1.1516

The Euro paused to consolidate losses against the US Dollar after cautiously dipping below the 1.11 figure. A daily close below the 50% Fibonacci expansionat 1.1123 exposes the 61.8% level at 1.0992. Alternatively, a turn above the 38.2% Fib at 1.1254 opens the door for a challenge of the 23.6% expansion at 1.1416.

The Euro’s inability to continue lower following the outcome of the weekend’s Greek election seems telling and we suspect a corrective bounce may be ahead. We will stand aside for now, looking for a corrective recovery to yield a selling opportunity in 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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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