EUR/USD Technical Analysis: Looking for Upside Breakout
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- EUR/USD Technical Strategy: Flat
- Support: 1.1206, 1.1074, 1.0859
- Resistance:1.1380, 1.1444, 1.1659
The Euro may be readying to turn upward against the US Dollar after producing a bullish Morning Star candlestick pattern. Near-term rising trend line resistance is at 1.1380, with a break above that on a daily closing basis exposing the 23.6% Fibonacci retracement at 1.1444. Alternatively, a turn below the 14.6% Fib expansion at 1.1206 clears the way for a test of the 23.6% threshold at 1.1074.
We expect any on-coming EURUSD strength to be corrective, in line with our long-term outlook. With that in mind, we will treat upside momentum as an opportunity to enter short at a more attractive level and remain on the sidelines in the interim.
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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.