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EUR/USD Technical Analysis: Euro Recovery in the Cards?

EUR/USD Technical Analysis: Euro Recovery in the Cards?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.1206, 1.1074, 1.0859
  • Resistance:1.1444, 1.1659, 1.1832

The Euro may have completed a bottom against the US Dollar marked by the formation of a bullish Morning Star candlestick pattern. A daily close above the intersection of the 23.6% Fibonacci retracement and a falling trend line at 1.1444 exposes the 38.2% level at 1.1659. Alternatively, a drop below the 14.6% Fib expansion at 1.1206 opens the door for a challenge of the 23.6% threshold at 1.1074.

Our fundamental outlook calls for broad-based Euro weakness as the ECB introduces aggressive stimulus expansion. With that in mind, we will opt to treat any on-coming gains as an opportunity to enter short rather than a long trade setup. In the meantime, we remain flat.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

EUR/USD Technical Analysis: Euro Recovery in the Cards?

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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