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EUR/USD Technical Analysis: Corrective Bounce Seen Ahead

EUR/USD Technical Analysis: Corrective Bounce Seen Ahead

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.1206, 1.1074, 1.0859
  • Resistance:1.1339, 1.1444, 1.1659

The Euro may be preparing correct upward against the US Dollar after putting in a bullish Morning Star candlestick pattern. A daily close above falling trend line resistance at 1.1339 exposes the 23.6% Fibonacci retracement at 1.1444. Alternatively, a reversal 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 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!

Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for

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