EUR/USD Technical Analysis: Looking to Sell on Bounce
To receive Ilya's analysis directly via email, please SIGN UP HERE
- 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.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com